Scotia Capital Inc. Sells 19,515 Shares of Constellation Brands Inc (NYSE:STZ)

Key Points

• Scotia Capital Inc. reduced its holdings in Constellation Brands Inc by 52.5%, selling 19,515 shares and leaving it with 17,635 shares valued at approximately $3.24 million.
• Recent analyst ratings show a mix of adjustments, with Wells Fargo cutting its target price from $210 to $196, while Truist Financial increased its target from $190 to $215, indicating a general consensus rating of "Moderate Buy."
• In the latest quarterly earnings report, Constellation Brands missed EPS expectations, reporting $3.22 against a consensus of $3.45, alongside a revenue drop of 5.5% year-over-year.

Scotia Capital Inc. cut its holdings in Constellation Brands Inc (NYSE:STZ - Free Report) by 52.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,635 shares of the company's stock after selling 19,515 shares during the quarter. Scotia Capital Inc.'s holdings in Constellation Brands were worth $3,236,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Minot DeBlois Advisors LLC acquired a new stake in Constellation Brands in the fourth quarter worth $29,000. Optiver Holding B.V. acquired a new stake in Constellation Brands in the fourth quarter worth $31,000. Laurel Wealth Advisors LLC acquired a new stake in Constellation Brands in the first quarter worth $32,000. Rakuten Securities Inc. raised its holdings in Constellation Brands by 805.0% in the first quarter. Rakuten Securities Inc. now owns 181 shares of the company's stock worth $33,000 after purchasing an additional 161 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new stake in Constellation Brands in the fourth quarter worth $44,000. 77.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wells Fargo & Company cut their target price on shares of Constellation Brands from $210.00 to $196.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Truist Financial raised shares of Constellation Brands from a "hold" rating to a "buy" rating and lifted their price objective for the company from $190.00 to $215.00 in a research report on Wednesday, May 7th. CJS Securities lowered their price objective on shares of Constellation Brands from $196.00 to $194.00 in a research note on Monday, May 19th. Piper Sandler lifted their target price on shares of Constellation Brands from $165.00 to $170.00 and gave the stock a "neutral" rating in a report on Friday, June 6th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Constellation Brands from $170.00 to $182.00 and gave the stock a "neutral" rating in a report on Thursday, July 3rd. Eleven research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Constellation Brands presently has a consensus rating of "Moderate Buy" and a consensus price target of $213.74.

Constellation Brands Price Performance

Shares of NYSE STZ opened at $170.70 on Wednesday. Constellation Brands Inc has a twelve month low of $159.35 and a twelve month high of $261.06. The firm has a fifty day simple moving average of $169.60 and a 200 day simple moving average of $177.06. The company has a market capitalization of $30.09 billion, a PE ratio of -71.42, a P/E/G ratio of 10.31 and a beta of 0.67. The company has a quick ratio of 0.68, a current ratio of 1.07 and a debt-to-equity ratio of 1.30.

Constellation Brands (NYSE:STZ - Get Free Report) last posted its quarterly earnings results on Tuesday, July 1st. The company reported $3.22 EPS for the quarter, missing analysts' consensus estimates of $3.45 by ($0.23). The company had revenue of $2.52 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $3.57 earnings per share. On average, sell-side analysts forecast that Constellation Brands Inc will post 13.5 EPS for the current year.

Constellation Brands Dividend Announcement

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

Insiders Place Their Bets

In other Constellation Brands news, EVP Samuel J. Glaetzer sold 3,150 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $188.54, for a total value of $593,901.00. Following the completion of the sale, the executive vice president directly owned 3,126 shares in the company, valued at approximately $589,376.04. This trade represents a 50.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP James O. Bourdeau sold 821 shares of the firm's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $169.00, for a total transaction of $138,749.00. Following the completion of the sale, the executive vice president owned 9,438 shares of the company's stock, valued at $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. Company insiders own 12.45% of the company's stock.

Constellation Brands Company 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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