ING Groep NV Increases Holdings in Constellation Brands, Inc. (NYSE:STZ)

ING Groep NV increased its stake in Constellation Brands, Inc. (NYSE:STZ) by 387.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 90,955 shares of the company’s stock after acquiring an additional 72,291 shares during the period. ING Groep NV’s holdings in Constellation Brands were worth $23,438,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Empowered Funds LLC raised its holdings in Constellation Brands by 71.0% during the 1st quarter. Empowered Funds LLC now owns 3,316 shares of the company’s stock valued at $901,000 after buying an additional 1,377 shares during the period. QRG Capital Management Inc. lifted its holdings in shares of Constellation Brands by 12.4% in the 1st quarter. QRG Capital Management Inc. now owns 3,265 shares of the company’s stock worth $887,000 after acquiring an additional 360 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Constellation Brands by 14.3% during the 1st quarter. Russell Investments Group Ltd. now owns 58,814 shares of the company’s stock worth $15,986,000 after purchasing an additional 7,343 shares during the period. Bleakley Financial Group LLC grew its holdings in Constellation Brands by 5.7% during the 1st quarter. Bleakley Financial Group LLC now owns 2,869 shares of the company’s stock valued at $780,000 after purchasing an additional 154 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Constellation Brands by 27.2% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 40,095 shares of the company’s stock worth $10,896,000 after purchasing an additional 8,585 shares during the period. 77.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Evercore ISI dropped their target price on Constellation Brands from $310.00 to $300.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Barclays dropped their price objective on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating for the company in a report on Monday, October 7th. JPMorgan Chase & Co. reduced their target price 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. Bank of America reissued 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. Finally, Truist Financial decreased their price objective on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a report on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $290.47.

Insider Transactions at Constellation Brands

In related news, EVP Samuel J. Glaetzer sold 1,510 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $245.57, for a total transaction of $370,810.70. Following the transaction, the executive vice president now directly owns 4,970 shares of the company’s stock, valued at $1,220,482.90. This represents a 23.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William A. Newlands sold 7,426 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was 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. Over the last three months, insiders have sold 128,210 shares of company stock valued at $31,040,994. Corporate insiders own 12.19% of the company’s stock.

Constellation Brands Trading Up 0.5 %

Shares of NYSE STZ opened at $241.99 on Friday. Constellation Brands, Inc. has a 1-year low of $224.76 and a 1-year high of $274.87. The business has a fifty day moving average price of $244.49 and a 200 day moving average price of $248.30. The stock has a market capitalization of $43.94 billion, a P/E ratio of 78.31, a price-to-earnings-growth ratio of 1.70 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.

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 during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the firm posted $3.70 earnings per share. The company’s quarterly revenue was up 2.9% on a year-over-year basis. Equities research analysts expect that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be given a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Tuesday, November 5th. Constellation Brands’s payout ratio is presently 130.74%.

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.