Patten & Patten Inc. TN Sells 7,551 Shares of Constellation Brands Inc $STZ

Key Points

• Patten & Patten Inc. sold 7,551 shares of Constellation Brands Inc, reducing its stake by 40.1%, leaving it with 11,258 shares worth approximately $1.83 million.
• The company also announced a quarterly dividend of $1.02 per share, which will be paid to investors on November 13th, reflecting an annualized yield of 2.9%.
• Multiple analysts have downgraded their price targets for Constellation Brands, with Citigroup lowering it from $155 to $145, indicating a cautious outlook for the company's stock performance.

Patten & Patten Inc. TN reduced its position in shares of Constellation Brands Inc (NYSE:STZ - Free Report) by 40.1% in the second quarter, according to its most recent filing with the SEC. The fund owned 11,258 shares of the company's stock after selling 7,551 shares during the quarter. Patten & Patten Inc. TN's holdings in Constellation Brands were worth $1,831,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Constellation Brands by 18.6% in the first quarter. Vanguard Group Inc. now owns 18,417,604 shares of the company's stock worth $3,379,999,000 after buying an additional 2,882,817 shares during the last quarter. Wellington Management Group LLP lifted its position in Constellation Brands by 127.9% in the first quarter. Wellington Management Group LLP now owns 4,480,788 shares of the company's stock worth $822,314,000 after buying an additional 2,514,517 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Constellation Brands by 7.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,922,122 shares of the company's stock worth $352,748,000 after buying an additional 139,158 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Constellation Brands by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,693,827 shares of the company's stock worth $310,851,000 after buying an additional 76,186 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Constellation Brands by 1.2% in the first quarter. Northern Trust Corp now owns 1,534,357 shares of the company's stock worth $281,585,000 after buying an additional 17,832 shares during the last quarter. 77.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP James O. Bourdeau sold 821 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $169.00, for a total transaction of $138,749.00. Following the sale, the executive vice president owned 9,438 shares of the company's stock, valued at $1,595,022. This trade represents a 8.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 12.45% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

STZ has been the subject of a number of analyst reports. Citigroup lowered their price target on Constellation Brands from $155.00 to $145.00 and set a "neutral" rating for the company in a research report on Tuesday, September 23rd. Morgan Stanley lowered their price target on Constellation Brands from $176.00 to $160.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 7th. Roth Capital restated a "buy" rating and issued a $209.00 price target (down from $239.00) on shares of Constellation Brands in a research report on Wednesday, September 3rd. Jefferies Financial Group lowered their price target on Constellation Brands from $205.00 to $179.00 and set a "buy" rating for the company in a research report on Wednesday, September 3rd. Finally, TD Cowen reduced their target price on Constellation Brands from $180.00 to $152.00 and set a "hold" rating on the stock in a research note on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have given a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat, Constellation Brands currently has an average rating of "Hold" and an average target price of $186.44.

Constellation Brands Stock Performance

STZ stock opened at $139.31 on Friday. The company has a quick ratio of 0.54, a current ratio of 1.08 and a debt-to-equity ratio of 1.26. The business's fifty day simple moving average is $148.33 and its two-hundred day simple moving average is $166.98. Constellation Brands Inc has a twelve month low of $131.20 and a twelve month high of $245.31. The firm has a market cap of $24.56 billion, a price-to-earnings ratio of 20.34, a PEG ratio of 0.42 and a beta of 0.66.

Constellation Brands (NYSE:STZ - Get Free Report) last released its earnings results on Thursday, February 23rd. The company reported $3.12 earnings per share for the quarter. The business had revenue of $2.32 billion for the quarter. Constellation Brands had a return on equity of 29.82% and a net margin of 11.88%. Analysts predict that Constellation Brands Inc will post 13.5 earnings per share for the current year.

Constellation Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Thursday, October 30th will be given a dividend of $1.02 per share. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $4.08 dividend on an annualized basis and a yield of 2.9%. Constellation Brands's dividend payout ratio (DPR) is presently 59.56%.

Constellation Brands Profile

Constellation Brands, Inc, together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. The company provides beer primarily under the Corona Extra, Corona Familiar, Corona Hard Seltzer, Corona Light, Corona Non-Alcoholic, Corona Premier, Corona Refresca, Modelo Especial, Modelo Chelada, Modelo Negra, Modelo Oro, Victoria, Vicky Chamoy, and Pacifico brands.

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