Chevy Chase Trust Holdings LLC Cuts Holdings in Constellation Brands, Inc. (NYSE:STZ)

Chevy Chase Trust Holdings LLC reduced its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 85,882 shares of the company’s stock after selling 4,038 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Constellation Brands were worth $22,131,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in STZ. Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Constellation Brands during the 2nd quarter worth about $29,000. Park Avenue Securities LLC boosted its position in shares of Constellation Brands by 9.5% during the 2nd quarter. Park Avenue Securities LLC now owns 3,538 shares of the company’s stock worth $910,000 after acquiring an additional 308 shares in the last quarter. CWM LLC boosted its position in shares of Constellation Brands by 1.0% in the 2nd quarter. CWM LLC now owns 5,126 shares of the company’s stock valued at $1,319,000 after purchasing an additional 50 shares during the period. Linden Thomas Advisory Services LLC boosted its position in shares of Constellation Brands by 8.4% in the 2nd quarter. Linden Thomas Advisory Services LLC now owns 6,931 shares of the company’s stock valued at $1,783,000 after purchasing an additional 539 shares during the period. Finally, Simplicity Wealth LLC boosted its position in shares of Constellation Brands by 7.5% in the 2nd quarter. Simplicity Wealth LLC now owns 3,078 shares of the company’s stock valued at $792,000 after purchasing an additional 215 shares during the period. 77.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Constellation Brands

In other news, Director Robert Sands sold 119,274 shares of Constellation Brands stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $242.37, for a total value of $28,908,439.38. Following the completion of the sale, the director now owns 431,729 shares of the company’s stock, valued at $104,638,157.73. The trade was a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William A. Newlands sold 7,426 shares of Constellation Brands stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $237.24, for a total value of $1,761,744.24. Following the completion of the sale, the chief executive officer now directly owns 7,274 shares of the company’s stock, valued at approximately $1,725,683.76. This represents a 50.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 189,956 shares of company stock valued at $46,058,091. 12.19% of the stock is owned by insiders.

Constellation Brands Stock Performance

NYSE STZ opened at $237.05 on Wednesday. Constellation Brands, Inc. has a 1-year low of $224.76 and a 1-year high of $274.87. The company has a market capitalization of $43.04 billion, a P/E ratio of 76.71, a PEG ratio of 1.68 and a beta of 0.90. The business has a 50 day moving average price of $241.07 and a 200 day moving average price of $246.45. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.25 and a quick ratio of 0.53.

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

Constellation Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Tuesday, November 5th were given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend was Tuesday, November 5th. Constellation Brands’s dividend payout ratio is presently 130.74%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on STZ. Morgan Stanley decreased their target price on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a research report on Monday, August 26th. Truist Financial decreased their target price on Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a research report on Friday, October 4th. Wells Fargo & Company decreased their target price on Constellation Brands from $300.00 to $295.00 and set an “overweight” rating for the company in a research report on Tuesday, November 26th. TD Cowen downgraded Constellation Brands from a “buy” rating to a “hold” rating and reduced their price objective for the company from $300.00 to $270.00 in a research note on Tuesday, October 8th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $298.00 price objective on shares of Constellation Brands in a research note on Friday, October 4th. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $289.16.

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.