Patten & Patten Inc. TN Lowers Stake in Constellation Brands Inc (NYSE:STZ)
Patten & Patten Inc. TN lowered its stake in Constellation Brands Inc (NYSE:STZ) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 93,799 shares of the company’s stock after selling 1,841 shares during the period. Constellation Brands comprises about 2.0% of Patten & Patten Inc. TN’s portfolio, making the stock its 5th largest position. Patten & Patten Inc. TN’s holdings in Constellation Brands were worth $18,172,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Harbour Capital Advisors LLC purchased a new stake in shares of Constellation Brands during the first quarter valued at about $117,000. North Star Investment Management Corp. raised its stake in shares of Constellation Brands by 11.6% in the second quarter. North Star Investment Management Corp. now owns 748 shares of the company’s stock valued at $145,000 after buying an additional 78 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Constellation Brands by 3.2% in the first quarter. Quadrant Capital Group LLC now owns 765 shares of the company’s stock valued at $115,000 after buying an additional 24 shares in the last quarter. Hanson McClain Inc. raised its stake in shares of Constellation Brands by 0.3% in the first quarter. Hanson McClain Inc. now owns 769 shares of the company’s stock valued at $125,000 after buying an additional 2 shares in the last quarter. Finally, Tompkins Financial Corp raised its stake in shares of Constellation Brands by 29.4% in the first quarter. Tompkins Financial Corp now owns 770 shares of the company’s stock valued at $116,000 after buying an additional 175 shares in the last quarter. 75.39% of the stock is owned by institutional investors.
Shares of Constellation Brands Inc (STZ) traded down 0.15% during trading on Wednesday, hitting $196.88. The company had a trading volume of 365,299 shares. The company has a market capitalization of $38.45 billion, a P/E ratio of 24.69 and a beta of 0.07. Constellation Brands Inc has a 52 week low of $144.00 and a 52 week high of $199.64. The stock’s 50-day moving average price is $187.25 and its 200 day moving average price is $169.29.
Constellation Brands (NYSE:STZ) last announced its earnings results on Thursday, June 29th. The company reported $2.34 EPS for the quarter, topping the Zacks’ consensus estimate of $1.98 by $0.36. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.95 billion. Constellation Brands had a return on equity of 21.57% and a net margin of 19.94%. The company’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.54 EPS. On average, equities research analysts forecast that Constellation Brands Inc will post $8.17 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date is Monday, August 7th. Constellation Brands’s dividend payout ratio (DPR) is 26.03%.
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Several analysts have issued reports on the company. Credit Suisse Group set a $182.00 target price on Constellation Brands and gave the stock a “hold” rating in a research note on Saturday, April 8th. UBS AG upped their target price on Constellation Brands from $162.00 to $176.00 and gave the stock a “neutral” rating in a research note on Friday, April 7th. Vetr lowered Constellation Brands from a “hold” rating to a “sell” rating and set a $175.98 target price for the company. in a research note on Tuesday, May 16th. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $220.00 target price (up previously from $188.00) on shares of Constellation Brands in a research note on Friday, June 30th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $220.00 target price (up previously from $205.00) on shares of Constellation Brands in a research note on Friday, June 30th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $198.53.
In related news, Director Barry A. Fromberg sold 2,000 shares of the business’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $195.93, for a total transaction of $391,860.00. Following the completion of the transaction, the director now owns 22,820 shares in the company, valued at approximately $4,471,122.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James A. Locke III sold 6,340 shares of the business’s stock in a transaction on Monday, April 24th. The shares were sold at an average price of $173.05, for a total value of $1,097,137.00. Following the transaction, the director now owns 44,415 shares of the company’s stock, valued at approximately $7,686,015.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,107 shares of company stock valued at $8,035,160. Company insiders own 15.59% of the company’s stock.
Constellation Brands Company Profile
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States.
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