MetLife Investment Management LLC Sells 2,126 Shares of Constellation Brands, Inc. (NYSE:STZ)

MetLife Investment Management LLC reduced its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 5.0% during the third quarter, Holdings Channel reports. The firm owned 40,788 shares of the company’s stock after selling 2,126 shares during the period. MetLife Investment Management LLC’s holdings in Constellation Brands were worth $10,511,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Legal & General Group Plc lifted its position in shares of Constellation Brands by 5.7% during the 2nd quarter. Legal & General Group Plc now owns 1,335,976 shares of the company’s stock worth $343,717,000 after buying an additional 72,637 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Constellation Brands by 31.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,002,332 shares of the company’s stock valued at $257,865,000 after acquiring an additional 241,982 shares during the last quarter. Boston Partners lifted its holdings in Constellation Brands by 50.9% during the first quarter. Boston Partners now owns 975,589 shares of the company’s stock worth $265,099,000 after acquiring an additional 328,881 shares during the period. International Assets Investment Management LLC boosted its position in Constellation Brands by 23,184.7% in the third quarter. International Assets Investment Management LLC now owns 499,689 shares of the company’s stock worth $128,765,000 after purchasing an additional 497,543 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in Constellation Brands in the 2nd quarter valued at $119,394,000. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Constellation Brands Price Performance

Constellation Brands stock opened at $235.97 on Friday. The business has a 50-day simple moving average of $241.87 and a 200 day simple moving average of $246.92. Constellation Brands, Inc. has a 52 week low of $224.76 and a 52 week high of $274.87. The stock has a market cap of $42.84 billion, a price-to-earnings ratio of 76.37, a PEG ratio of 1.71 and a beta of 0.90. The company has a quick ratio of 0.53, a current ratio of 1.25 and a debt-to-equity ratio of 1.31.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Thursday, October 3rd. The company reported $4.32 earnings per share for the quarter, topping 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 company had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the prior year, the business earned $3.70 earnings per share. Constellation Brands’s revenue for the quarter was up 2.9% compared to the same quarter last year. On average, research analysts forecast that Constellation Brands, Inc. will post 13.57 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Tuesday, November 5th were given a $1.01 dividend. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $4.04 annualized dividend and a yield of 1.71%. Constellation Brands’s dividend payout ratio (DPR) is presently 130.74%.

Insider Activity at Constellation Brands

In related news, CEO William A. Newlands sold 25,000 shares of Constellation Brands stock in a transaction on Thursday, November 14th. The shares were sold at an average price of $243.58, for a total value of $6,089,500.00. Following the transaction, the chief executive officer now owns 7,274 shares in the company, valued at $1,771,800.92. This trade represents a 77.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $245.57, for a total value of $370,810.70. Following the transaction, the executive vice president now directly owns 4,970 shares in the company, valued at $1,220,482.90. This trade represents a 23.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 189,956 shares of company stock valued at $46,058,091 over the last 90 days. 12.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

STZ has been the topic of a number of research analyst reports. Bank of America reissued a “neutral” rating and issued a $255.00 price target (down from $300.00) on shares of Constellation Brands in a report on Monday, October 7th. BMO Capital Markets reduced their target price on shares of Constellation Brands from $315.00 to $305.00 and set an “outperform” rating for the company in a research report on Tuesday, October 15th. Truist Financial lowered their price target on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating on the stock in a report on Friday, October 4th. Royal Bank of Canada reissued an “outperform” rating and set a $308.00 price objective on shares of Constellation Brands in a report on Tuesday, November 19th. Finally, Roth Mkm restated a “buy” rating and issued a $298.00 target price on shares of Constellation Brands in a research note on Friday, October 4th. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $289.16.

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 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.