Fort Pitt Capital Group LLC Sells 14,339 Shares of Constellation Brands, Inc. (NYSE:STZ)

Fort Pitt Capital Group LLC lowered its position in Constellation Brands, Inc. (NYSE:STZ - Free Report) by 4.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 343,516 shares of the company's stock after selling 14,339 shares during the period. Constellation Brands accounts for 2.5% of Fort Pitt Capital Group LLC's portfolio, making the stock its 19th largest holding. Fort Pitt Capital Group LLC owned 0.19% of Constellation Brands worth $88,521,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Empire Life Investments Inc. increased its position in Constellation Brands by 32.9% during the third quarter. Empire Life Investments Inc. now owns 77,154 shares of the company's stock worth $19,882,000 after buying an additional 19,091 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Constellation Brands by 1.6% during the 3rd quarter. Janney Montgomery Scott LLC now owns 135,097 shares of the company's stock worth $34,813,000 after acquiring an additional 2,182 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its holdings in shares of Constellation Brands by 22.5% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 1,497 shares of the company's stock valued at $386,000 after acquiring an additional 275 shares during the last quarter. Chicago Partners Investment Group LLC raised its stake in shares of Constellation Brands by 13.2% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,240 shares of the company's stock valued at $541,000 after acquiring an additional 262 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Constellation Brands by 22.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 812 shares of the company's stock valued at $209,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 77.34% of the company's stock.

Insider Buying and Selling

In other Constellation Brands news, EVP Samuel J. Glaetzer sold 1,510 shares of Constellation Brands stock in a transaction 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 transaction, the executive vice president now directly owns 4,970 shares of the company's stock, valued at approximately $1,220,482.90. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Garth Hankinson sold 13,583 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the sale, the chief financial officer now directly owns 11,702 shares in the company, valued at $2,808,480. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the firm's stock in a transaction on Monday, October 14th. The shares were sold at an average price of $245.57, for a total value of $370,810.70. Following the sale, the executive vice president now directly owns 4,970 shares of the company's stock, valued at $1,220,482.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 141,793 shares of company stock worth $34,300,914 in the last 90 days. 12.19% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on STZ. Truist Financial lowered their price target on Constellation Brands from $265.00 to $255.00 and set a "hold" rating on the stock in a report on Friday, October 4th. JPMorgan Chase & Co. decreased their price objective on shares of Constellation Brands from $307.00 to $293.00 and set an "overweight" rating for the company in a report on Friday, October 4th. Evercore ISI dropped their target price on shares of Constellation Brands from $310.00 to $300.00 and set an "outperform" rating on the stock in a report on Friday, October 4th. TD Cowen cut shares of Constellation Brands from a "buy" rating to a "hold" rating and decreased their price target for the company from $300.00 to $270.00 in a report on Tuesday, October 8th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $255.00 price target (down from $300.00) on shares of Constellation Brands in a research report 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $290.47.

Constellation Brands Stock Performance

STZ stock traded up $0.43 during midday trading on Friday, hitting $232.77. The stock had a trading volume of 1,351,116 shares, compared to its average volume of 1,220,169. The firm has a market capitalization of $42.26 billion, a price-to-earnings ratio of 75.33, a P/E/G ratio of 1.64 and a beta of 0.90. The company has a current ratio of 1.25, a quick ratio of 0.53 and a debt-to-equity ratio of 1.31. The stock has a 50-day simple moving average of $245.43 and a 200 day simple moving average of $249.59. Constellation Brands, Inc. has a 52 week low of $231.70 and a 52 week high of $274.87.

Constellation Brands (NYSE:STZ - Get Free Report) last issued its earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share 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 for the quarter, compared to analyst estimates of $2.95 billion. During the same period in the previous year, the business earned $3.70 EPS. The firm's revenue was up 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that Constellation Brands, Inc. will post 13.57 earnings per share for the current year.

Constellation Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be issued a $1.01 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.74%. Constellation Brands's payout ratio is presently 130.74%.

Constellation Brands Company 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.