Assetmark Inc. Increases Stock Holdings in Constellation Brands, Inc. (NYSE:STZ)

Posted by Defense World Staff on Aug 8th, 2023

Assetmark Inc. boosted its stake in Constellation Brands, Inc. (NYSE:STZ – Free Report) by 14.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,755 shares of the company’s stock after acquiring an additional 2,560 shares during the quarter. Assetmark Inc.’s holdings in Constellation Brands were worth $4,462,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Moneta Group Investment Advisors LLC boosted its stake in shares of Constellation Brands by 84,839.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,742,434 shares of the company’s stock valued at $867,309,000 after purchasing an additional 3,738,028 shares during the period. Norges Bank purchased a new position in Constellation Brands in the 4th quarter valued at about $373,796,000. Price T Rowe Associates Inc. MD grew its stake in shares of Constellation Brands by 52.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,928,866 shares of the company’s stock valued at $910,514,000 after acquiring an additional 1,346,846 shares in the last quarter. Morgan Stanley increased its position in shares of Constellation Brands by 31.3% during the fourth quarter. Morgan Stanley now owns 3,809,273 shares of the company’s stock worth $882,799,000 after acquiring an additional 908,486 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Constellation Brands by 781.8% in the first quarter. Van ECK Associates Corp now owns 507,190 shares of the company’s stock worth $114,569,000 after acquiring an additional 449,672 shares in the last quarter. Institutional investors and hedge funds own 86.49% of the company’s stock.

Insider Activity

In related news, major shareholder Business Holdings Lp Ajb sold 650,000 shares of the business’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 transaction of $145,294,500.00. Following the sale, the insider now owns 3,365,715 shares of the company’s stock, valued at $752,338,273.95. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Constellation Brands news, major shareholder Business Holdings Lp Ajb sold 650,000 shares of the company’s stock in a transaction dated 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 directly owns 3,365,715 shares of the company’s stock, valued at approximately $752,338,273.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel J. Mccarthy sold 1,736 shares of the firm’s stock in a transaction dated Monday, July 24th. The shares were sold at an average price of $269.86, for a total transaction of $468,476.96. Following the transaction, the director now owns 3,232 shares of the company’s stock, valued at approximately $872,187.52. The disclosure for this sale can be found here. Insiders sold 4,609,295 shares of company stock worth $1,034,834,396 over the last three months. Corporate insiders own 16.19% of the company’s stock.

Wall Street Analysts Forecast Growth

STZ has been the topic of several analyst reports. Evercore ISI lifted their price objective on Constellation Brands from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, July 19th. Citigroup increased their price objective on shares of Constellation Brands from $265.00 to $280.00 in a research note on Wednesday, June 21st. Barclays dropped their target price on shares of Constellation Brands from $277.00 to $275.00 in a research report on Wednesday, July 5th. BMO Capital Markets increased their price target on shares of Constellation Brands from $265.00 to $290.00 and gave the stock an “outperform” rating in a research report on Monday, July 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on Constellation Brands from $273.00 to $276.00 and gave the company an “overweight” rating in a report on Monday, July 3rd. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $266.24.

View Our Latest Stock Analysis on STZ

Constellation Brands Stock Performance

STZ opened at $270.62 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 0.53 and a debt-to-equity ratio of 1.23. The business’s 50 day moving average is $252.84 and its 200-day moving average is $234.80. The stock has a market cap of $49.61 billion, a PE ratio of -146.46, a price-to-earnings-growth ratio of 2.01 and a beta of 1.04. Constellation Brands, Inc. has a twelve month low of $208.12 and a twelve month high of $273.44.

Constellation Brands (NYSE:STZ – Get Free Report) last announced its quarterly earnings results on Friday, June 30th. The company reported $2.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.08. Constellation Brands had a positive return on equity of 22.32% and a negative net margin of 3.14%. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the firm posted $2.66 EPS. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. On average, analysts predict that Constellation Brands, Inc. will post 11.62 earnings per share for the current year.

Constellation Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th will be paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Wednesday, August 9th. Constellation Brands’s dividend payout ratio is currently -194.54%.

About Constellation Brands

(Free Report)

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 Premier, Corona Familiar, Corona Light, Corona Refresca, Corona Hard Seltzer, Modelo Especial, Modelo Negra, Modelo Chelada, Victoria, Vicky Chamoy, and Pacifico brands.