JPMorgan Chase & Co. Cuts Constellation Brands (NYSE:STZ) Price Target to $307.00

Constellation Brands (NYSE:STZ) had its price target lowered by JPMorgan Chase & Co. from $320.00 to $307.00 in a research note issued to investors on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also commented on STZ. Truist Financial restated a hold rating and set a $265.00 price objective on shares of Constellation Brands in a report on Wednesday, July 3rd. BMO Capital Markets restated an outperform rating and set a $315.00 price objective on shares of Constellation Brands in a report on Friday, July 5th. Morgan Stanley dropped their price objective on shares of Constellation Brands from $305.00 to $280.00 and set an overweight rating on the stock in a report on Monday, August 26th. UBS Group raised their price objective on shares of Constellation Brands from $315.00 to $320.00 and gave the stock a buy rating in a report on Friday, July 5th. Finally, Barclays raised their price objective on shares of Constellation Brands from $287.00 to $295.00 and gave the stock an overweight rating in a report on Friday, July 19th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, Constellation Brands has an average rating of Moderate Buy and a consensus price target of $298.26.

Constellation Brands Trading Up 0.7 %

STZ opened at $248.29 on Tuesday. The firm’s fifty day moving average is $246.51 and its two-hundred day moving average is $253.62. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.53 and a current ratio of 1.19. The firm has a market cap of $45.43 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 1.59 and a beta of 1.75. Constellation Brands has a twelve month low of $227.50 and a twelve month high of $274.87.

Constellation Brands (NYSE:STZ) last posted its earnings results on Wednesday, July 3rd. The company reported $3.57 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.11. The company had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.67 billion. Constellation Brands had a net margin of 22.70% and a return on equity of 23.72%. The business’s revenue for the quarter was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $2.91 earnings per share. Equities research analysts anticipate that Constellation Brands will post 13.54 EPS for the current year.

Constellation Brands Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Wednesday, August 14th were given a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend was Wednesday, August 14th. Constellation Brands’s payout ratio is presently 30.10%.

Insider Activity

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

Institutional Investors Weigh In On Constellation Brands

Hedge funds have recently added to or reduced their stakes in the business. Orion Portfolio Solutions LLC boosted its holdings in Constellation Brands by 1.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 3,676 shares of the company’s stock worth $999,000 after acquiring an additional 39 shares during the last quarter. Capital Advisors Ltd. LLC raised its holdings in shares of Constellation Brands by 16.5% in the 1st quarter. Capital Advisors Ltd. LLC now owns 290 shares of the company’s stock worth $79,000 after purchasing an additional 41 shares during the period. 1620 Investment Advisors Inc. grew its stake in shares of Constellation Brands by 1.8% during the 4th quarter. 1620 Investment Advisors Inc. now owns 2,352 shares of the company’s stock worth $569,000 after acquiring an additional 42 shares during the period. Smithfield Trust Co increased its holdings in Constellation Brands by 5.3% during the 4th quarter. Smithfield Trust Co now owns 854 shares of the company’s stock worth $207,000 after acquiring an additional 43 shares during the period. Finally, Copperwynd Financial LLC grew its position in Constellation Brands by 1.6% during the fourth quarter. Copperwynd Financial LLC now owns 2,779 shares of the company’s stock worth $672,000 after buying an additional 43 shares in the last quarter. 77.34% of the stock is currently owned by institutional investors.

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.