Mirae Asset Global Investments Co. Ltd. Sells 2,519 Shares of Constellation Brands, Inc. (NYSE:STZ)

Mirae Asset Global Investments Co. Ltd. reduced its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 4.1% during the third quarter, Holdings Channel reports. The firm owned 59,209 shares of the company’s stock after selling 2,519 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Constellation Brands were worth $15,300,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in STZ. Guidance Capital Inc. purchased a new stake in Constellation Brands during the first quarter worth about $251,000. D.B. Root & Company LLC purchased a new stake in Constellation Brands during the first quarter worth about $477,000. Chatham Capital Group Inc. purchased a new stake in Constellation Brands during the first quarter worth about $220,000. SteelPeak Wealth LLC increased its holdings in Constellation Brands by 1.4% during the first quarter. SteelPeak Wealth LLC now owns 4,501 shares of the company’s stock worth $1,223,000 after buying an additional 61 shares during the last quarter. Finally, Oak Asset Management LLC increased its holdings in Constellation Brands by 1.5% during the first quarter. Oak Asset Management LLC now owns 16,842 shares of the company’s stock worth $4,577,000 after buying an additional 255 shares during the last quarter. 77.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on STZ. Evercore ISI decreased their price objective on shares of Constellation Brands from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Truist Financial reduced their target price on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a research note on Friday, October 4th. Morgan Stanley reduced their target price on shares of Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. JPMorgan Chase & Co. reduced their target price on shares of Constellation Brands from $307.00 to $293.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Finally, Bank of America reiterated a “neutral” rating and issued a $255.00 target price (down previously from $300.00) on shares of Constellation Brands in a research note on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $290.47.

Constellation Brands Trading Down 0.6 %

Shares of Constellation Brands stock opened at $239.38 on Friday. Constellation Brands, Inc. has a 1 year low of $227.64 and a 1 year high of $274.87. The firm has a market cap of $43.80 billion, a PE ratio of 17.84, a PEG ratio of 1.70 and a beta of 1.75. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.25 and a quick ratio of 0.53. The company has a 50 day simple moving average of $246.34 and a two-hundred day simple moving average of $250.60.

Constellation Brands (NYSE:STZ) last announced its earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.08 by $0.24. Constellation Brands had a net margin of 5.29% and a return on equity of 25.34%. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the business posted $3.70 earnings per share. Constellation Brands’s revenue for the quarter was up 2.9% on a year-over-year basis. Analysts expect that Constellation Brands, Inc. will post 13.57 earnings per share for the current fiscal year.

Constellation Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be given a dividend of $1.01 per share. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $4.04 annualized dividend and a yield of 1.69%. Constellation Brands’s payout ratio is presently 30.10%.

Insider Buying and Selling at Constellation Brands

In other Constellation Brands news, CFO Garth Hankinson sold 13,583 shares of Constellation Brands stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the completion of the sale, the chief financial officer now directly owns 11,702 shares in the company, valued at $2,808,480. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $240.00, for a total value of $3,259,920.00. Following the completion of the sale, the chief financial officer now directly owns 11,702 shares in the company, valued at approximately $2,808,480. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $245.57, for a total transaction of $370,810.70. Following the completion of the sale, the executive vice president now owns 4,970 shares of the company’s stock, valued at approximately $1,220,482.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 134,367 shares of company stock worth $32,539,170 over the last three months. 12.19% of the stock is owned by insiders.

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.