Constellation Brands, Inc. (NYSE:STZ) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in shares of Constellation Brands, Inc. (NYSE:STZ - Free Report) by 3.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 134,429 shares of the company's stock after selling 4,675 shares during the quarter. PNC Financial Services Group Inc. owned about 0.07% of Constellation Brands worth $34,641,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New Millennium Group LLC bought a new stake in shares of Constellation Brands in the 2nd quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Constellation Brands during the second quarter valued at approximately $29,000. Horizon Bancorp Inc. IN purchased a new stake in shares of Constellation Brands in the second quarter worth approximately $32,000. Opal Wealth Advisors LLC bought a new stake in shares of Constellation Brands during the 2nd quarter worth approximately $36,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Constellation Brands during the 2nd quarter valued at $36,000. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Constellation Brands Stock Down 0.3 %

STZ stock opened at $239.72 on Thursday. The stock has a market capitalization of $43.52 billion, a PE ratio of 77.58, a price-to-earnings-growth ratio of 1.70 and a beta of 0.90. Constellation Brands, Inc. has a 52 week low of $224.76 and a 52 week high of $274.87. The company has a quick ratio of 0.53, a current ratio of 1.25 and a debt-to-equity ratio of 1.31. The firm has a 50 day moving average of $243.51 and a 200 day moving average of $247.73.

Constellation Brands (NYSE:STZ - Get Free Report) last released 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. The firm had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The firm's revenue was up 2.9% on a year-over-year basis. During the same period in the prior year, the firm earned $3.70 EPS. Sell-side analysts forecast that Constellation Brands, Inc. will post 13.57 earnings per share for the current year.

Constellation Brands Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be paid a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, November 5th. Constellation Brands's payout ratio is 130.74%.

Insider Buying and Selling at Constellation Brands

In related news, CEO William A. Newlands sold 7,426 shares of the firm's stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $237.24, for a total transaction of $1,761,744.24. Following the sale, the chief executive officer now owns 7,274 shares in the company, valued at approximately $1,725,683.76. This trade represents a 50.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Sands sold 119,274 shares of the stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $242.37, for a total transaction of $28,908,439.38. Following the sale, the director now directly owns 431,729 shares in the company, valued at approximately $104,638,157.73. The trade was a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 189,296 shares of company stock valued at $45,899,031. 12.19% of the stock is owned by insiders.

Analysts Set New Price Targets

STZ has been the subject of a number of recent analyst reports. Morgan Stanley lowered 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. Barclays dropped their target price on shares of Constellation Brands from $309.00 to $300.00 and set an "overweight" rating on the stock in a research note on Monday, October 7th. TD Cowen downgraded Constellation Brands from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $300.00 to $270.00 in a report on Tuesday, October 8th. Bank of America restated a "neutral" rating and set a $255.00 price target (down previously from $300.00) on shares of Constellation Brands in a research note on Monday, October 7th. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $298.00 price objective on shares of Constellation Brands in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, Constellation Brands has an average rating of "Moderate Buy" and a consensus price target of $290.47.

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.