Pinnacle Associates Ltd. Sells 2,221 Shares of Constellation Brands Inc $STZ

Pinnacle Associates Ltd. lessened its holdings in Constellation Brands Inc (NYSE:STZ) by 32.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,548 shares of the company’s stock after selling 2,221 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Constellation Brands were worth $740,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of STZ. Simon Quick Advisors LLC acquired a new position in Constellation Brands in the second quarter valued at about $255,000. Heritage Investors Management Corp raised its stake in Constellation Brands by 6.2% in the second quarter. Heritage Investors Management Corp now owns 146,827 shares of the company’s stock valued at $23,886,000 after purchasing an additional 8,613 shares in the last quarter. Spinnaker Trust raised its stake in Constellation Brands by 25.1% in the second quarter. Spinnaker Trust now owns 1,379 shares of the company’s stock valued at $224,000 after purchasing an additional 277 shares in the last quarter. Hantz Financial Services Inc. raised its stake in Constellation Brands by 378.4% in the second quarter. Hantz Financial Services Inc. now owns 775 shares of the company’s stock valued at $126,000 after purchasing an additional 613 shares in the last quarter. Finally, Arkadios Wealth Advisors raised its stake in Constellation Brands by 11.8% in the second quarter. Arkadios Wealth Advisors now owns 7,242 shares of the company’s stock valued at $1,178,000 after purchasing an additional 764 shares in the last quarter. Institutional investors own 77.34% of the company’s stock.

Constellation Brands Stock Down 0.5%

STZ stock opened at $130.73 on Tuesday. The firm has a 50-day moving average price of $140.82 and a 200-day moving average price of $162.92. Constellation Brands Inc has a 12 month low of $127.00 and a 12 month high of $245.31. The company has a current ratio of 1.08, a quick ratio of 0.54 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $22.88 billion, a P/E ratio of 19.09, a price-to-earnings-growth ratio of 0.39 and a beta of 1.75.

Constellation Brands (NYSE:STZ) last released its quarterly earnings data on Thursday, February 23rd. The company reported $3.12 earnings per share (EPS) for the quarter. Constellation Brands had a return on equity of 29.82% and a net margin of 11.88%.The company had revenue of $2.32 billion during the quarter. As a group, equities research analysts anticipate that Constellation Brands Inc will post 13.5 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Stockholders of record on Thursday, October 30th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $4.08 annualized dividend and a dividend yield of 3.1%. Constellation Brands’s dividend payout ratio is currently 59.56%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on STZ shares. Cowen reaffirmed a “hold” rating on shares of Constellation Brands in a research note on Monday, July 7th. JPMorgan Chase & Co. dropped their price target on Constellation Brands from $173.00 to $153.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft dropped their price target on Constellation Brands from $182.00 to $158.00 and set a “hold” rating for the company in a research note on Wednesday, September 3rd. Sanford C. Bernstein dropped their price target on Constellation Brands from $225.00 to $195.00 and set an “outperform” rating for the company in a research note on Thursday, September 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 price target on shares of Constellation Brands in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, ten have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, Constellation Brands presently has an average rating of “Hold” and an average target price of $186.44.

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.