Legacy Private Trust Co. Reduces Stock Position in Constellation Brands, Inc. (NYSE:STZ)

Legacy Private Trust Co. cut its stake in Constellation Brands, Inc. (NYSE:STZ) by 4.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,077 shares of the company’s stock after selling 1,301 shares during the period. Legacy Private Trust Co.’s holdings in Constellation Brands were worth $6,172,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Prudential PLC acquired a new position in Constellation Brands in the first quarter valued at approximately $705,000. Cetera Investment Advisers increased its stake in Constellation Brands by 1.0% during the first quarter. Cetera Investment Advisers now owns 17,026 shares of the company’s stock worth $3,921,000 after acquiring an additional 163 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in Constellation Brands by 17.6% during the first quarter. Sequoia Financial Advisors LLC now owns 3,149 shares of the company’s stock worth $725,000 after acquiring an additional 471 shares during the last quarter. Vanguard Group Inc. increased its stake in Constellation Brands by 2.6% during the first quarter. Vanguard Group Inc. now owns 12,601,280 shares of the company’s stock worth $2,902,327,000 after acquiring an additional 313,344 shares during the last quarter. Finally, Ergoteles LLC acquired a new stake in Constellation Brands during the first quarter worth $257,000. 88.99% of the stock is currently owned by hedge funds and other institutional investors.

Constellation Brands Price Performance

NYSE:STZ traded down $2.14 during midday trading on Friday, reaching $260.71. The company had a trading volume of 241,353 shares, compared to its average volume of 1,175,586. The stock’s fifty day simple moving average is $262.53 and its 200-day simple moving average is $241.57. Constellation Brands, Inc. has a 12-month low of $208.12 and a 12-month high of $273.65. The company has a current ratio of 1.14, a quick ratio of 0.53 and a debt-to-equity ratio of 1.23.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Friday, June 30th. The company reported $2.91 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the firm earned $2.66 earnings per share. Constellation Brands’s quarterly revenue was up 6.4% on a year-over-year basis. As a group, sell-side analysts expect that Constellation Brands, Inc. will post 11.59 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were paid a $0.89 dividend. This represents a $3.56 dividend on an annualized basis and a yield of 1.37%. The ex-dividend date of this dividend was Wednesday, August 9th. Constellation Brands’s dividend payout ratio is presently -194.54%.

Insider Buying and Selling at Constellation Brands

In other Constellation Brands news, CEO William A. Newlands sold 49,425 shares of the firm’s stock in a transaction on Thursday, July 20th. The stock was 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 $2,495,756.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO William A. Newlands sold 49,425 shares of Constellation Brands stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $267.90, for a total transaction of $13,240,957.50. Following the sale, the chief executive officer now owns 9,316 shares in the company, valued at $2,495,756.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Lee Hanson sold 12,299 shares of Constellation Brands stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $268.10, for a total value of $3,297,361.90. Following the sale, the executive vice president now owns 11,862 shares in the company, valued at approximately $3,180,202.20. The disclosure for this sale can be found here. Insiders have sold a total of 100,819 shares of company stock worth $27,054,755 over the last ninety days. Corporate insiders own 16.19% of the company’s stock.

Analyst Ratings Changes

STZ has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on Constellation Brands from $273.00 to $276.00 and gave the stock an “overweight” rating in a research note on Monday, July 3rd. Morgan Stanley raised their target price on Constellation Brands from $290.00 to $305.00 and gave the stock an “overweight” rating in a research note on Monday, July 24th. HSBC raised their target price on Constellation Brands from $275.00 to $280.00 in a research note on Wednesday, June 7th. TheStreet lowered Constellation Brands from a “b-” rating to a “c+” rating in a research report on Tuesday, September 5th. Finally, Evercore ISI raised their price target on Constellation Brands from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 19th. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $270.05.

About Constellation Brands

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.