State of Michigan Retirement System Sells 200 Shares of Constellation Brands, Inc. (NYSE:STZ)

State of Michigan Retirement System decreased its stake in Constellation Brands, Inc. (NYSE:STZ) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,058 shares of the company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Constellation Brands were worth $11,973,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of STZ. Norges Bank purchased a new stake in shares of Constellation Brands during the fourth quarter worth $443,844,000. Boston Partners purchased a new position in Constellation Brands during the 4th quarter valued at about $156,358,000. International Assets Investment Management LLC increased its position in shares of Constellation Brands by 24,922.5% during the fourth quarter. International Assets Investment Management LLC now owns 567,010 shares of the company’s stock valued at $137,075,000 after buying an additional 564,744 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Constellation Brands by 38.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,403,495 shares of the company’s stock worth $335,402,000 after buying an additional 388,390 shares in the last quarter. Finally, Palestra Capital Management LLC bought a new position in shares of Constellation Brands in the fourth quarter valued at approximately $83,195,000. Hedge funds and other institutional investors own 77.34% of the company’s stock.

Insiders Place Their Bets

In related news, CEO William A. Newlands sold 25,000 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $261.54, for a total transaction of $6,538,500.00. Following the sale, the chief executive officer now owns 14,700 shares of the company’s stock, valued at $3,844,638. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Michael Mcgrew sold 3,237 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $255.50, for a total value of $827,053.50. Following the completion of the sale, the executive vice president now directly owns 1,731 shares in the company, valued at $442,270.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William A. Newlands sold 25,000 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $261.54, for a total transaction of $6,538,500.00. Following the transaction, the chief executive officer now owns 14,700 shares in the company, valued at approximately $3,844,638. The disclosure for this sale can be found here. Insiders have sold a total of 48,031 shares of company stock valued at $12,582,321 in the last quarter. 12.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on STZ. Deutsche Bank Aktiengesellschaft raised their price target on Constellation Brands from $256.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, April 10th. JPMorgan Chase & Co. cut their target price on Constellation Brands from $296.00 to $291.00 and set an “overweight” rating for the company in a research note on Thursday, June 20th. Argus upgraded shares of Constellation Brands from a “hold” rating to a “buy” rating and set a $306.00 price target on the stock in a research report on Monday, April 15th. Jefferies Financial Group boosted their price objective on shares of Constellation Brands from $292.00 to $314.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Finally, Barclays reduced their target price on shares of Constellation Brands from $295.00 to $288.00 and set an “overweight” rating on the stock in a report on Wednesday, May 29th. Three analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $298.37.

Constellation Brands Stock Performance

Shares of STZ stock traded up $2.65 during trading hours on Tuesday, reaching $258.94. The company had a trading volume of 1,862,665 shares, compared to its average volume of 1,193,370. Constellation Brands, Inc. has a one year low of $227.50 and a one year high of $274.87. 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 business has a fifty day moving average price of $255.27 and a 200-day moving average price of $253.86. The firm has a market cap of $47.38 billion, a PE ratio of 27.44, a price-to-earnings-growth ratio of 1.71 and a beta of 0.87.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Thursday, April 11th. The company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.10 by $0.16. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Constellation Brands had a return on equity of 23.06% and a net margin of 16.13%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.98 EPS. Sell-side analysts predict that Constellation Brands, Inc. will post 13.67 earnings per share for the current fiscal year.

Constellation Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 17th. Shareholders of record on Friday, May 3rd were issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 1.56%. The ex-dividend date was Thursday, May 2nd. This is an increase from Constellation Brands’s previous quarterly dividend of $0.89. Constellation Brands’s dividend payout ratio is 43.07%.

Constellation Brands 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.