Cadence Bank Increases Holdings in Constellation Brands, Inc. (NYSE:STZ)

Cadence Bank raised its holdings in Constellation Brands, Inc. (NYSE:STZ) by 1.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 36,388 shares of the company’s stock after purchasing an additional 354 shares during the quarter. Cadence Bank’s holdings in Constellation Brands were worth $9,377,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. New Millennium Group LLC acquired a new stake in Constellation Brands during the second quarter valued at $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Constellation Brands in the 2nd quarter worth approximately $29,000. Horizon Bancorp Inc. IN acquired a new position in shares of Constellation Brands during the 2nd quarter worth approximately $32,000. Opal Wealth Advisors LLC purchased a new stake in shares of Constellation Brands in the second quarter valued at approximately $36,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of Constellation Brands in the second quarter valued at approximately $36,000. Hedge funds and other institutional investors own 77.34% of the company’s stock.

Insiders Place Their Bets

In other Constellation Brands news, EVP James A. Jr. Sabia sold 36,086 shares of Constellation Brands stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $242.99, for a total value of $8,768,537.14. Following the transaction, the executive vice president now directly owns 16,042 shares in the company, valued at approximately $3,898,045.58. The trade was a 69.23 % 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, CEO William A. Newlands sold 7,426 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $237.24, for a total transaction of $1,761,744.24. Following the sale, the chief executive officer now owns 7,274 shares of the company’s stock, valued at $1,725,683.76. This trade represents a 50.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,956 shares of company stock valued at $46,058,091. 12.19% of the stock is currently owned by insiders.

Constellation Brands Stock Performance

NYSE:STZ opened at $233.68 on Wednesday. The firm has a market capitalization of $42.43 billion, a PE ratio of 75.62, a price-to-earnings-growth ratio of 1.71 and a beta of 0.90. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.25 and a quick ratio of 0.53. The business’s fifty day moving average price is $242.42 and its 200 day moving average price is $247.08. Constellation Brands, Inc. has a 12 month low of $224.76 and a 12 month high of $274.87.

Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.08 by $0.24. The firm had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.95 billion. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same period in the prior year, the company posted $3.70 earnings per share. On average, sell-side analysts anticipate that Constellation Brands, Inc. will post 13.57 earnings per share for the current fiscal year.

Constellation Brands Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th were paid a $1.01 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $4.04 annualized dividend and a yield of 1.73%. Constellation Brands’s dividend payout ratio is presently 130.74%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Constellation Brands from $307.00 to $293.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. BMO Capital Markets dropped their price objective on shares of Constellation Brands from $315.00 to $305.00 and set an “outperform” rating for the company in a report on Tuesday, October 15th. Bank of America reaffirmed a “neutral” rating and set a $255.00 target price (down from $300.00) on shares of Constellation Brands in a research note on Monday, October 7th. Truist Financial dropped their price target on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a research note on Friday, October 4th. Finally, UBS Group reduced their price target on shares of Constellation Brands from $320.00 to $295.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Constellation Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $289.16.

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.