Bedell Frazier Investment Counselling LLC Boosts Stock Position in Constellation Brands, Inc. (NYSE:STZ)

Bedell Frazier Investment Counselling LLC boosted its holdings in Constellation Brands, Inc. (NYSE:STZ) by 2.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,873 shares of the company’s stock after purchasing an additional 523 shares during the period. Constellation Brands comprises 1.5% of Bedell Frazier Investment Counselling LLC’s holdings, making the stock its 22nd largest position. Bedell Frazier Investment Counselling LLC’s holdings in Constellation Brands were worth $6,152,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New Millennium Group LLC purchased a new position in Constellation Brands in the second quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Constellation Brands in the second quarter worth $29,000. Horizon Bancorp Inc. IN purchased a new position in Constellation Brands in the second quarter worth $32,000. Opal Wealth Advisors LLC purchased a new position in Constellation Brands in the second quarter worth $36,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Constellation Brands during the 2nd quarter valued at $36,000. Hedge funds and other institutional investors own 77.34% of the company’s stock.

Constellation Brands Stock Performance

NYSE:STZ opened at $239.66 on Monday. The business’s 50-day moving average price is $243.04 and its two-hundred day moving average price is $247.41. Constellation Brands, Inc. has a twelve month low of $224.76 and a twelve month high of $274.87. The stock has a market cap of $43.51 billion, a P/E ratio of 77.56, a PEG ratio of 1.69 and a beta of 0.90. The company has a quick ratio of 0.53, a current ratio of 1.25 and a debt-to-equity ratio of 1.31.

Constellation Brands (NYSE:STZ) last released its quarterly 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. The firm had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $3.70 EPS. As a group, equities analysts predict that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Tuesday, November 5th were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Tuesday, November 5th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.69%. Constellation Brands’s dividend payout ratio is 130.74%.

Insider Activity at Constellation Brands

In other Constellation Brands news, CEO William A. Newlands sold 7,426 shares of Constellation Brands stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $237.24, for a total value of $1,761,744.24. Following the transaction, the chief executive officer now directly owns 7,274 shares of the company’s stock, valued at $1,725,683.76. The trade was a 50.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Sands sold 119,274 shares of Constellation Brands stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $242.37, for a total value of $28,908,439.38. Following the completion of the transaction, the director now directly owns 431,729 shares in the company, valued at $104,638,157.73. This trade represents a 21.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,956 shares of company stock valued at $46,058,091. Corporate insiders own 12.19% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price target on Constellation Brands from $307.00 to $293.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. Morgan Stanley cut their price target on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. BMO Capital Markets cut their price target on Constellation Brands from $315.00 to $305.00 and set an “outperform” rating for the company in a research note on Tuesday, October 15th. Barclays cut their price target on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating for the company in a research note on Monday, October 7th. Finally, Truist Financial cut their price target on Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a research note on Friday, October 4th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $288.83.

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.