Constellation Brands Inc (NYSE:STZ) Holdings Lowered by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group decreased its stake in Constellation Brands by 6.0%, selling 7,838 shares to hold 123,222 shares, valued at approximately $22.6 million.
• Several institutional investors have significantly increased their positions in Constellation Brands, with D1 Capital Partners raising theirs by 186.6% and GAMMA Investing increasing by 7,602.6% in recent quarters.
• Constellation Brands reported quarterly earnings of $3.22 per share, missing the expected estimates and showing a 5.5% decline in revenue year-over-year, alongside declaring a quarterly dividend of $1.02.

PNC Financial Services Group Inc. trimmed its stake in shares of Constellation Brands Inc (NYSE:STZ - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,222 shares of the company's stock after selling 7,838 shares during the period. PNC Financial Services Group Inc. owned about 0.07% of Constellation Brands worth $22,614,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STZ. TIAA Trust National Association grew its holdings in Constellation Brands by 3,509.4% in the first quarter. TIAA Trust National Association now owns 92,943 shares of the company's stock valued at $17,057,000 after purchasing an additional 90,368 shares during the period. Jefferies Financial Group Inc. grew its holdings in Constellation Brands by 43.3% in the first quarter. Jefferies Financial Group Inc. now owns 6,122 shares of the company's stock valued at $1,123,000 after purchasing an additional 1,851 shares during the period. Sound View Wealth Advisors Group LLC increased its stake in Constellation Brands by 29.9% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 1,368 shares of the company's stock worth $251,000 after buying an additional 315 shares in the last quarter. NorthRock Partners LLC lifted its holdings in Constellation Brands by 45.3% in the 1st quarter. NorthRock Partners LLC now owns 3,407 shares of the company's stock valued at $625,000 after purchasing an additional 1,062 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft acquired a new position in Constellation Brands during the first quarter worth about $208,000. 77.34% of the stock is owned by institutional investors and hedge funds.

Constellation Brands Price Performance

Shares of STZ stock traded down $1.21 during trading hours on Wednesday, hitting $169.44. The company's stock had a trading volume of 1,306,212 shares, compared to its average volume of 1,854,233. Constellation Brands Inc has a twelve month low of $159.35 and a twelve month high of $261.06. The stock has a market cap of $29.87 billion, a price-to-earnings ratio of -70.89, a P/E/G ratio of 10.33 and a beta of 0.67. The business has a fifty day moving average of $169.60 and a 200-day moving average of $177.06. The company has a current ratio of 1.07, a quick ratio of 0.68 and a debt-to-equity ratio of 1.30.

Constellation Brands (NYSE:STZ - Get Free Report) last issued its quarterly earnings results on Tuesday, July 1st. The company reported $3.22 earnings per share for the quarter, missing analysts' consensus estimates of $3.45 by ($0.23). The business had revenue of $2.52 billion for the quarter, compared to analysts' expectations of $2.57 billion. Constellation Brands had a positive return on equity of 31.41% and a negative net margin of 4.11%. The company's revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the prior year, the company earned $3.57 EPS. As a group, equities research analysts anticipate that Constellation Brands Inc will post 13.5 EPS for the current year.

Constellation Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Wednesday, July 30th will be given a $1.02 dividend. The ex-dividend date is Wednesday, July 30th. This represents a $4.08 annualized dividend and a dividend yield of 2.4%. Constellation Brands's dividend payout ratio (DPR) is presently -170.71%.

Insider Activity at Constellation Brands

In other Constellation Brands news, EVP Samuel J. Glaetzer sold 3,150 shares of Constellation Brands stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $188.54, for a total value of $593,901.00. Following the completion of the transaction, the executive vice president directly owned 3,126 shares in the company, valued at $589,376.04. The trade was a 50.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP James O. Bourdeau sold 821 shares of Constellation Brands stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $169.00, for a total value of $138,749.00. Following the completion of the transaction, the executive vice president owned 9,438 shares of the company's stock, valued at approximately $1,595,022. The trade was a 8.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.45% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on STZ shares. Truist Financial upgraded Constellation Brands from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $190.00 to $215.00 in a research report on Wednesday, May 7th. Raymond James Financial raised Constellation Brands to a "strong-buy" rating in a research note on Monday, July 7th. BMO Capital Markets cut their target price on Constellation Brands from $260.00 to $215.00 and set an "outperform" rating for the company in a research note on Friday, April 11th. The Goldman Sachs Group set a $225.00 target price on Constellation Brands and gave the stock a "buy" rating in a research note on Friday, June 27th. Finally, Jefferies Financial Group raised Constellation Brands from a "hold" rating to a "buy" rating and lifted their price objective for the company from $194.00 to $205.00 in a research note on Monday, July 7th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Constellation Brands presently has a consensus rating of "Moderate Buy" and an average target price of $213.74.

About Constellation Brands

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.