Lighthouse Investment Partners LLC decreases stake in Constellation Brands, Inc. (NYSE:STZ)

VaselineSeptember 28, 2024

0 4 minutes read

Lighthouse Investment Partners LLC reduced its holdings in Constellation Brands, Inc. (NYSE:STZ – Free Report) by 32.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,000 shares of the company’s stock after selling 9,440 shares during the quarter. Lighthouse Investment Partners LLC’s holdings in Constellation Brands were worth $5,146,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of STZ. Capital International Investors boosted its holdings in shares of Constellation Brands by 39.4% in the first quarter. Capital International Investors now owns 11,685,249 shares of the company’s stock worth $3,175,583,000 after acquiring an additional 3,304,709 shares during the period. Capital World Investors raised its holdings in shares of Constellation Brands by 8.7% in the first quarter. Capital World Investors now owns 9,040,669 shares of the company’s stock worth $2,456,892,000 after acquiring an additional 723,549 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Constellation Brands in the second quarter valued at $119,394,000. Vanguard Group Inc. grew its holdings in shares of Constellation Brands by 3.5% in the first quarter. Vanguard Group Inc. now owns 13,705,793 shares of the company’s stock worth $3,724,686,000 after acquiring an additional 462,891 shares during the period. Finally, Palestra Capital Management LLC bought a new stake in Constellation Brands in the fourth quarter valued at approximately $83,195,000. Institutional investors own 77.34% of the company’s shares.

Insider buying and selling

In related news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $240.00, for a total value 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Constellation Brands news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction that occurred on Thursday, August 8th. The shares were 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. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, Director Daniel J. Mccarthy sold 1,854 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $252.43, for a total value of $468,005.22. Following the sale, the director now owns 3,232 shares in the company, valued at $815,853.76. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,414 shares of company stock worth $3,982,922. Corporate insiders own 12.19% of the company’s shares.

Price performance of Constellation brands

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Shares of Constellation Brands stock opened at $258.40 on Friday. The stock’s 50-day simple moving average is $245.83, and its 200-day simple moving average is $253.94. Constellation Brands, Inc. it has a 52-week low of $227.50 and a 52-week high of $274.87. The company has a market cap of $47.28 billion, a price-to-earnings ratio of 19.25, a PEG ratio of 1.74 and a beta of 1.75. The company has a quick ratio of 0.53, a current ratio of 1.19, and a debt-to-equity ratio of 1.06.

Constellation Brands (NYSE:STZ – Get Your Free Report ) last posted its earnings results on Wednesday, July 3rd. The company reported $3.57 EPS for the quarter, topping analysts’ consensus estimates of $3.46 by $0.11. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.67 billion. Constellation Brands had a return on equity of 23.72% and a net margin of 22.70%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. In the same period last year, the company earned $2.91 per share. As a group, analysts expect Constellation Brands, Inc. to post 13.53 earnings per share for the current fiscal year.

Constellation Brands announces dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Wednesday, August 14th were given a $1.01 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a dividend of $4.04 on an annualized basis and a dividend yield of 1.56%. Constellation Brands’s dividend payout ratio is currently 30.10%.

Analysts on Wall Street are forecasting an increase

Several analysts have issued reports on STZ shares. Roth Mkm cut their price target on Constellation Brands from $303.00 to $298.00 and set a “buy” rating for the company in a report on Wednesday, September 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 report on Monday, August 26th. BMO Capital Markets reissued an “outperform” rating and set a $315.00 target price on shares of Constellation Brands in a report on Friday, July 5th. Truist Financial reissued a “hold” rating and set a $265.00 target price on shares of Constellation Brands in a report on Wednesday, July 3rd. Finally, Barclays upped their target price on Constellation Brands from $295.00 to $309.00 and gave the company an “overweight” rating in a report on Tuesday. Three investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $297.12.

Check out our latest analysis of STZ

Constellation Brands Company Profile

(Free Report)

Constellation Brands, Inc, together with its subsidiaries, manufactures, imports, markets and sells beer, wine and spirits in the United States, Canada, Mexico, New Zealand and Italy. The company supplies 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.