Synergy Asset Management LLC Cuts Stake in Constellation Brands, Inc. (NYSE:STZ)

Synergy Asset Management LLC decreased its holdings in Constellation Brands, Inc. (NYSE:STZ) by 9.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 3,327 shares of the company’s stock after selling 361 shares during the quarter. Synergy Asset Management LLC’s holdings in Constellation Brands were worth $856,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of STZ. New Millennium Group LLC purchased a new position in Constellation Brands in the second quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Constellation Brands in the second quarter valued at approximately $29,000. Horizon Bancorp Inc. IN purchased a new position in Constellation Brands in the second quarter valued at approximately $32,000. YHB Investment Advisors Inc. purchased a new position in Constellation Brands in the first quarter valued at approximately $35,000. Finally, Kapitalo Investimentos Ltda purchased a new position in Constellation Brands in the fourth quarter valued at approximately $35,000. Hedge funds and other institutional investors own 77.34% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Kaneenat Kristann Carey sold 977 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 2,706 shares of the company’s stock, valued at $706,266. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Kaneenat Kristann Carey sold 977 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 2,706 shares of the company’s stock, valued at $706,266. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Daniel J. Mccarthy sold 1,854 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $252.43, for a total transaction of $468,005.22. Following the transaction, the director now directly owns 3,232 shares of the company’s stock, valued at approximately $815,853.76. The disclosure for this sale can be found here. Insiders sold a total of 16,414 shares of company stock valued at $3,982,922 over the last 90 days. 12.19% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on STZ shares. Morgan Stanley cut their price target 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 target on shares of Constellation Brands from $315.00 to $320.00 and gave the company a “buy” rating in a report on Friday, July 5th. Barclays lifted their price objective on shares of Constellation Brands from $287.00 to $295.00 and gave the company an “overweight” rating in a research note on Friday, July 19th. Roth Mkm dropped their price objective on shares of Constellation Brands from $303.00 to $298.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Truist Financial reiterated a “hold” rating and set a $265.00 price objective on shares of Constellation Brands in a research note on Wednesday, July 3rd. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Constellation Brands currently has an average rating of “Moderate Buy” and a consensus target price of $298.26.

Constellation Brands Stock Performance

Constellation Brands stock traded up $1.44 during mid-day trading on Friday, reaching $249.73. The company’s stock had a trading volume of 61,833 shares, compared to its average volume of 1,170,442. The firm has a market cap of $45.69 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 1.59 and a beta of 1.75. The business has a 50 day moving average price of $246.51 and a 200-day moving average price of $253.62. The company has a current ratio of 1.19, a quick ratio of 0.53 and a debt-to-equity ratio of 1.06. Constellation Brands, Inc. has a twelve month low of $227.50 and a twelve month high of $274.87.

Constellation Brands (NYSE:STZ) last released its quarterly earnings data on Wednesday, July 3rd. The company reported $3.57 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.11. The firm had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.67 billion. Constellation Brands had a net margin of 22.70% and a return on equity of 23.72%. The firm’s revenue was up 5.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.91 earnings per share. Sell-side analysts predict that Constellation Brands, Inc. will post 13.54 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Wednesday, August 14th were issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date of this dividend was Wednesday, August 14th. Constellation Brands’s dividend payout ratio is presently 30.10%.

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.