Connor Clark & Lunn Investment Management Ltd. Lowers Holdings in Constellation Brands, Inc. (NYSE:STZ)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 30.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 47,575 shares of the company’s stock after selling 20,967 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Constellation Brands were worth $12,260,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. International Assets Investment Management LLC raised its holdings in shares of Constellation Brands by 23,184.7% during 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. Manning & Napier Advisors LLC purchased a new position in Constellation Brands during the second quarter valued at $119,394,000. Boston Partners boosted its holdings in Constellation Brands by 50.9% in the 1st quarter. Boston Partners now owns 975,589 shares of the company’s stock worth $265,099,000 after buying an additional 328,881 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Constellation Brands by 31.8% in the second quarter. Dimensional Fund Advisors LP now owns 1,002,332 shares of the company’s stock worth $257,865,000 after acquiring an additional 241,982 shares during the last quarter. Finally, Coho Partners Ltd. grew its holdings in shares of Constellation Brands by 40.1% during the third quarter. Coho Partners Ltd. now owns 283,079 shares of the company’s stock worth $72,947,000 after buying an additional 80,970 shares in the last quarter. Institutional investors own 77.34% of the company’s stock.

Constellation Brands Price Performance

Shares of NYSE:STZ opened at $240.84 on Friday. 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 stock has a market capitalization of $43.73 billion, a P/E ratio of 77.94, a P/E/G ratio of 1.70 and a beta of 0.90. The business has a 50-day moving average of $243.30 and a two-hundred day moving average of $247.68. Constellation Brands, Inc. has a fifty-two week low of $224.76 and a fifty-two week high of $274.87.

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

Constellation Brands Announces Dividend

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 dividend of $1.01 per share. The ex-dividend date was Tuesday, November 5th. This represents a $4.04 annualized dividend and a dividend yield of 1.68%. Constellation Brands’s dividend payout ratio (DPR) is presently 130.74%.

Insider Buying and Selling at Constellation Brands

In other Constellation Brands news, EVP Samuel J. Glaetzer sold 1,510 shares of the company’s stock in a transaction on Monday, October 14th. The shares were 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 in the company, valued at approximately $1,220,482.90. The trade was a 23.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William A. Newlands sold 7,426 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $237.24, for a total value of $1,761,744.24. Following the completion of the sale, the chief executive officer now owns 7,274 shares of the company’s stock, valued at $1,725,683.76. This represents a 50.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 189,296 shares of company stock valued at $45,899,031. 12.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

STZ has been the subject of several recent analyst reports. UBS Group cut their price objective on shares of Constellation Brands from $320.00 to $295.00 and set a “buy” rating for the company in a research report on Monday, September 9th. Morgan Stanley lowered their target price on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Truist Financial dropped their price target 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. Royal Bank of Canada restated an “outperform” rating and set a $308.00 target price on shares of Constellation Brands in a research note on Tuesday. Finally, Barclays cut their price target on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating on the stock in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Constellation Brands currently has a consensus rating of “Moderate Buy” and an average price target of $290.47.

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.