Corebridge Financial Inc. Has $7.93 Million Stock Holdings in Constellation Brands, Inc. (NYSE:STZ)

Corebridge Financial Inc. reduced its stake in Constellation Brands, Inc. (NYSE:STZ) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,882 shares of the company’s stock after selling 1,854 shares during the period. Corebridge Financial Inc.’s holdings in Constellation Brands were worth $7,930,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Mainstream Capital Management LLC bought a new stake in shares of Constellation Brands during the 4th quarter worth about $25,000. SBI Securities Co. Ltd. acquired a new stake in Constellation Brands during the fourth quarter worth approximately $26,000. Compagnie Lombard Odier SCmA bought a new stake in shares of Constellation Brands during the fourth quarter worth approximately $27,000. Union Bancaire Privee UBP SA acquired a new position in shares of Constellation Brands in the fourth quarter valued at approximately $28,000. Finally, Versant Capital Management Inc grew its position in shares of Constellation Brands by 887.5% in the fourth quarter. Versant Capital Management Inc now owns 158 shares of the company’s stock valued at $35,000 after purchasing an additional 142 shares during the last quarter. 77.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

STZ has been the subject of several recent research reports. Piper Sandler downgraded Constellation Brands from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $245.00 to $200.00 in a research note on Monday, February 3rd. Barclays reduced their target price on shares of Constellation Brands from $205.00 to $203.00 and set an “overweight” rating for the company in a research report on Thursday. Truist Financial lowered their price target on shares of Constellation Brands from $255.00 to $190.00 and set a “hold” rating on the stock in a research report on Tuesday, January 14th. UBS Group cut their price objective on shares of Constellation Brands from $265.00 to $223.00 and set a “buy” rating for the company in a report on Friday, January 17th. Finally, Morgan Stanley lowered shares of Constellation Brands from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $220.00 to $202.00 in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $249.18.

Insiders Place Their Bets

In other Constellation Brands news, Director William T. Giles purchased 1,000 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were bought at an average price of $186.39 per share, for a total transaction of $186,390.00. Following the completion of the acquisition, the director now owns 1,463 shares in the company, valued at approximately $272,688.57. This trade represents a 215.98 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 12.19% of the company’s stock.

Constellation Brands Price Performance

Shares of NYSE:STZ opened at $184.35 on Friday. Constellation Brands, Inc. has a one year low of $160.46 and a one year high of $274.87. The company has a debt-to-equity ratio of 1.26, a current ratio of 1.10 and a quick ratio of 0.46. The company has a market cap of $33.32 billion, a price-to-earnings ratio of 49.56, a PEG ratio of 1.52 and a beta of 1.75. The firm has a 50 day simple moving average of $177.20 and a 200 day simple moving average of $215.45.

Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Friday, January 10th. The company reported $3.25 EPS for the quarter, missing analysts’ consensus estimates of $3.33 by ($0.08). Constellation Brands had a net margin of 6.27% and a return on equity of 26.55%. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter in the previous year, the company posted $3.19 earnings per share. The firm’s revenue was down .3% on a year-over-year basis. Research analysts predict that Constellation Brands, Inc. will post 13.5 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 7th were given a dividend of $1.01 per share. The ex-dividend date was Friday, February 7th. This represents a $4.04 annualized dividend and a yield of 2.19%. Constellation Brands’s dividend payout ratio is presently 108.60%.

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.