Spinnaker Investment Group LLC Decreases Position in Constellation Brands, Inc. (NYSE:STZ)

Spinnaker Investment Group LLC reduced its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 22.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,599 shares of the company’s stock after selling 454 shares during the period. Spinnaker Investment Group LLC’s holdings in Constellation Brands were worth $411,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Secure Asset Management LLC lifted its holdings in Constellation Brands by 13.6% in the 2nd quarter. Secure Asset Management LLC now owns 5,322 shares of the company’s stock worth $1,369,000 after buying an additional 637 shares in the last quarter. &PARTNERS acquired a new position in shares of Constellation Brands in the second quarter worth about $351,000. Plimoth Trust Co. LLC boosted its holdings in Constellation Brands by 3.9% in the second quarter. Plimoth Trust Co. LLC now owns 5,347 shares of the company’s stock valued at $1,376,000 after purchasing an additional 200 shares during the last quarter. American National Bank grew its stake in Constellation Brands by 1.8% during the 2nd quarter. American National Bank now owns 4,765 shares of the company’s stock valued at $1,226,000 after purchasing an additional 85 shares in the last quarter. Finally, Eads & Heald Wealth Management grew its stake in Constellation Brands by 14.7% during the 2nd quarter. Eads & Heald Wealth Management now owns 4,734 shares of the company’s stock valued at $1,218,000 after purchasing an additional 608 shares in the last quarter. 77.34% of the stock is owned by institutional investors and hedge funds.

Constellation Brands Stock Performance

NYSE STZ traded up $1.51 on Friday, hitting $245.21. The stock had a trading volume of 637,073 shares, compared to its average volume of 1,175,121. The company’s 50-day moving average is $250.01 and its two-hundred day moving average is $253.74. Constellation Brands, Inc. has a one year low of $227.50 and a one year high of $274.87. The stock has a market cap of $44.87 billion, a price-to-earnings ratio of 18.27, a P/E/G ratio of 1.62 and a beta of 1.75. The company has a quick ratio of 0.53, a current ratio of 1.19 and a debt-to-equity ratio of 1.06.

Constellation Brands (NYSE:STZ) last released its quarterly earnings results on Wednesday, July 3rd. The company reported $3.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.46 by $0.11. Constellation Brands had a return on equity of 23.72% and a net margin of 22.70%. The company had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter in the prior year, the business posted $2.91 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. On average, analysts expect that Constellation Brands, Inc. will post 13.57 earnings per share for the current year.

Constellation Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Wednesday, August 14th will be paid a dividend of $1.01 per share. The ex-dividend date is Wednesday, August 14th. This represents a $4.04 annualized dividend and a yield of 1.65%. Constellation Brands’s payout ratio is 30.10%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on STZ shares. JPMorgan Chase & Co. increased their target price on Constellation Brands from $291.00 to $320.00 and gave the company an “overweight” rating in a research note on Friday, July 5th. Roth Mkm cut their price target on shares of Constellation Brands from $305.00 to $303.00 and set a “buy” rating on the stock in a report on Friday, July 5th. BMO Capital Markets reissued an “outperform” rating and set a $315.00 price objective on shares of Constellation Brands in a report on Friday, July 5th. Jefferies Financial Group boosted their target price on shares of Constellation Brands from $310.00 to $311.00 and gave the stock a “buy” rating in a research report on Friday, July 5th. Finally, Barclays increased their price target on shares of Constellation Brands from $287.00 to $295.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $300.28.

Insiders Place Their Bets

In other Constellation Brands news, EVP Kaneenat Kristann Carey sold 977 shares of the company’s stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $261.00, for a total value of $254,997.00. Following the completion of the sale, the executive vice president now directly owns 2,706 shares in the company, valued at $706,266. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Kaneenat Kristann Carey sold 977 shares of Constellation Brands stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $261.00, for a total transaction of $254,997.00. Following the transaction, the executive vice president now directly owns 2,706 shares of the company’s stock, valued at $706,266. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Garth Hankinson sold 13,583 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the completion of the sale, the chief financial officer now directly owns 11,702 shares of the company’s stock, valued at $2,808,480. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,414 shares of company stock worth $3,982,922. 12.19% of the stock is owned by corporate insiders.

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.