Wedbush Research Analysts Lower Earnings Estimates for Constellation Brands, Inc. (NYSE:STZ)

Posted by Defense World Staff on Oct 9th, 2023

Constellation Brands, Inc. (NYSE:STZ – Free Report) – Research analysts at Wedbush dropped their Q3 2024 earnings per share estimates for shares of Constellation Brands in a research note issued to investors on Friday, October 6th. Wedbush analyst G. Pascarelli now forecasts that the company will post earnings of $2.93 per share for the quarter, down from their prior estimate of $3.11. Wedbush currently has a “Outperform” rating and a $300.00 target price on the stock. The consensus estimate for Constellation Brands’ current full-year earnings is $11.89 per share. Wedbush also issued estimates for Constellation Brands’ FY2024 earnings at $11.80 EPS, Q1 2025 earnings at $3.50 EPS, Q2 2025 earnings at $4.18 EPS, Q3 2025 earnings at $3.48 EPS and FY2025 earnings at $13.69 EPS.

Other equities analysts have also recently issued reports about the company. Barclays lowered their price target on Constellation Brands from $294.00 to $280.00 in a report on Friday. Roth Mkm reissued a “buy” rating and set a $311.00 price target on shares of Constellation Brands in a report on Friday. HSBC raised their price target on Constellation Brands from $280.00 to $290.00 and gave the company a “buy” rating in a report on Friday. Jefferies Financial Group raised their price target on Constellation Brands from $293.00 to $300.00 in a report on Tuesday, June 27th. Finally, BMO Capital Markets raised their price target on Constellation Brands from $265.00 to $290.00 and gave the company an “outperform” rating in a report on Monday, July 3rd. Five analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $277.64.

Read Our Latest Stock Report on Constellation Brands

Constellation Brands Price Performance

NYSE STZ opened at $236.61 on Monday. The business’s fifty day moving average price is $259.79 and its 200-day moving average price is $246.03. The stock has a market capitalization of $43.38 billion, a price-to-earnings ratio of 28.82, a PEG ratio of 1.79 and a beta of 1.04. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.20 and a quick ratio of 0.53. Constellation Brands has a 1-year low of $208.12 and a 1-year high of $273.65.

Constellation Brands (NYSE:STZ – Get Free Report) last announced its earnings results on Thursday, October 5th. The company reported $3.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.37 by $0.33. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.82 billion. Constellation Brands had a return on equity of 23.35% and a net margin of 14.41%. The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.17 EPS.

Institutional Investors Weigh In On Constellation Brands

Institutional investors have recently added to or reduced their stakes in the stock. Mirador Capital Partners LP boosted its holdings in Constellation Brands by 4.2% in the third quarter. Mirador Capital Partners LP now owns 3,677 shares of the company’s stock worth $924,000 after acquiring an additional 148 shares in the last quarter. Salem Investment Counselors Inc. boosted its holdings in Constellation Brands by 13.8% in the third quarter. Salem Investment Counselors Inc. now owns 27,332 shares of the company’s stock worth $6,869,000 after acquiring an additional 3,318 shares in the last quarter. Massmutual Trust Co. FSB ADV raised its stake in shares of Constellation Brands by 2.2% in the third quarter. Massmutual Trust Co. FSB ADV now owns 47,256 shares of the company’s stock worth $11,877,000 after purchasing an additional 1,018 shares during the last quarter. Appleton Partners Inc. MA raised its stake in shares of Constellation Brands by 4.6% in the third quarter. Appleton Partners Inc. MA now owns 29,149 shares of the company’s stock worth $7,326,000 after purchasing an additional 1,284 shares during the last quarter. Finally, BROOKFIELD Corp ON raised its stake in shares of Constellation Brands by 158.5% in the second quarter. BROOKFIELD Corp ON now owns 66,611 shares of the company’s stock worth $16,395,000 after purchasing an additional 40,841 shares during the last quarter. Institutional investors own 88.99% of the company’s stock.

Insider Activity

In other news, CEO William A. Newlands sold 49,425 shares of Constellation Brands stock in a transaction that occurred on Thursday, July 20th. The shares were sold at an average price of $267.90, for a total transaction of $13,240,957.50. Following the completion of the sale, the chief executive officer now owns 9,316 shares of the company’s stock, valued at $2,495,756.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Garth Hankinson sold 1,550 shares of the firm’s stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $267.96, for a total transaction of $415,338.00. Following the sale, the chief financial officer now owns 9,491 shares of the company’s stock, valued at $2,543,208.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William A. Newlands sold 49,425 shares of the firm’s stock in a transaction dated Thursday, July 20th. The shares were sold at an average price of $267.90, for a total value of $13,240,957.50. Following the sale, the chief executive officer now directly owns 9,316 shares in the company, valued at approximately $2,495,756.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,819 shares of company stock valued at $27,054,755. Corporate insiders own 16.19% of the company’s stock.

Constellation Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Friday, November 3rd will be paid a dividend of $0.89 per share. This represents a $3.56 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, November 2nd. Constellation Brands’s dividend payout ratio is presently 43.36%.

Constellation Brands Company Profile

(Get 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.