Constellation Brands, Inc. (NYSE:STZ) Shares Sold by Panagora Asset Management Inc.

Posted by Defense World Staff on Jun 11th, 2023

Panagora Asset Management Inc. lowered its holdings in shares of Constellation Brands, Inc. (NYSE:STZ – Get Rating) by 16.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,786 shares of the company’s stock after selling 2,488 shares during the quarter. Panagora Asset Management Inc.’s holdings in Constellation Brands were worth $2,963,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Integrated Wealth Concepts LLC raised its position in shares of Constellation Brands by 20.9% in the fourth quarter. Integrated Wealth Concepts LLC now owns 7,087 shares of the company’s stock valued at $1,642,000 after buying an additional 1,226 shares during the last quarter. AXS Investments LLC acquired a new stake in Constellation Brands during the 4th quarter worth approximately $26,000. Advisors Capital Management LLC raised its stake in shares of Constellation Brands by 6.2% in the fourth quarter. Advisors Capital Management LLC now owns 39,951 shares of the company’s stock valued at $9,259,000 after acquiring an additional 2,334 shares in the last quarter. Barclays PLC boosted its stake in shares of Constellation Brands by 14.7% in the 4th quarter. Barclays PLC now owns 177,236 shares of the company’s stock valued at $41,075,000 after buying an additional 22,703 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Constellation Brands by 198.4% during the fourth quarter. Renaissance Technologies LLC now owns 363,700 shares of the company’s stock worth $84,287,000 after buying an additional 241,800 shares in the last quarter. 84.87% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Constellation Brands

In other Constellation Brands news, major shareholder Business Holdings Lp Ajb sold 650,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $223.53, for a total value of $145,294,500.00. Following the completion of the transaction, the insider now owns 3,365,715 shares in the company, valued at approximately $752,338,273.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder Business Holdings Lp Ajb sold 650,000 shares of Constellation Brands stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $223.53, for a total value of $145,294,500.00. Following the completion of the sale, the insider now owns 3,365,715 shares in the company, valued at $752,338,273.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard Sands sold 3,858,476 shares of the business’s stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $223.53, for a total transaction of $862,485,140.28. Following the completion of the sale, the director now directly owns 20,488,818 shares of the company’s stock, valued at approximately $4,579,865,487.54. The disclosure for this sale can be found here. Company insiders own 16.19% of the company’s stock.

Constellation Brands Stock Performance

Shares of NYSE:STZ opened at $241.61 on Friday. The firm has a market capitalization of $44.28 billion, a PE ratio of -473.74, a P/E/G ratio of 1.88 and a beta of 1.03. Constellation Brands, Inc. has a 12 month low of $208.12 and a 12 month high of $261.32. The company has a debt-to-equity ratio of 1.29, a current ratio of 1.18 and a quick ratio of 0.54. The business has a 50-day moving average of $230.48 and a two-hundred day moving average of $229.48.

Constellation Brands (NYSE:STZ – Get Rating) last posted its quarterly earnings results on Thursday, April 6th. The company reported $1.98 EPS for the quarter, beating the consensus estimate of $1.86 by $0.12. Constellation Brands had a negative net margin of 0.70% and a positive return on equity of 20.48%. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $2.02 billion. During the same quarter last year, the firm posted $2.37 earnings per share. Constellation Brands’s revenue for the quarter was down 11.9% compared to the same quarter last year. As a group, research analysts forecast that Constellation Brands, Inc. will post 11.66 earnings per share for the current year.

Constellation Brands Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 18th. Stockholders of record on Thursday, May 4th were paid a $0.89 dividend. The ex-dividend date of this dividend was Wednesday, May 3rd. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from Constellation Brands’s previous quarterly dividend of $0.80. Constellation Brands’s dividend payout ratio (DPR) is -698.03%.

Analysts Set New Price Targets

A number of research firms have weighed in on STZ. JPMorgan Chase & Co. raised their price target on Constellation Brands from $253.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, April 10th. Truist Financial raised their target price on Constellation Brands from $215.00 to $220.00 and gave the company a “hold” rating in a report on Monday, April 10th. Wedbush reissued an “outperform” rating and set a $255.00 price objective on shares of Constellation Brands in a report on Friday, March 31st. Wells Fargo & Company upped their price target on Constellation Brands from $250.00 to $260.00 and gave the stock an “overweight” rating in a report on Monday, April 10th. Finally, HSBC raised their target price on shares of Constellation Brands from $275.00 to $280.00 in a report on Wednesday. Five analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Constellation Brands presently has an average rating of “Moderate Buy” and a consensus target price of $256.45.

Constellation Brands Company Profile

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Constellation Brands, Inc engages in the production, marketing, and distribution of beer, wine, and spirits. It operates through the following segments: Beer, Wine and Spirits, Corporate Operations and Other, and Canopy. The Beer segment includes imported and craft beer brands. The Wine and Spirits segment sells wine brands across all categories-table wine, sparkling wine, and dessert wine-and across all price points.