Penobscot Investment Management Company Inc. Decreases Stock Holdings in Constellation Brands Inc $STZ

Penobscot Investment Management Company Inc. reduced its holdings in shares of Constellation Brands Inc (NYSE:STZ) by 1.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,091 shares of the company’s stock after selling 77 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Constellation Brands were worth $991,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Laurel Wealth Advisors LLC purchased a new stake in Constellation Brands during the first quarter valued at approximately $32,000. Rakuten Securities Inc. increased its holdings in Constellation Brands by 805.0% during the first quarter. Rakuten Securities Inc. now owns 181 shares of the company’s stock valued at $33,000 after buying an additional 161 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in Constellation Brands during the first quarter valued at approximately $38,000. Flaharty Asset Management LLC bought a new position in shares of Constellation Brands in the first quarter worth approximately $39,000. Finally, Hoey Investments Inc. bought a new position in shares of Constellation Brands in the second quarter worth approximately $40,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP James O. Bourdeau sold 821 shares of the firm’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $169.00, for a total transaction of $138,749.00. Following the transaction, the executive vice president directly owned 9,438 shares in the company, valued at approximately $1,595,022. This trade represents a 8.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 12.45% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Morgan Stanley dropped their price target on shares of Constellation Brands from $195.00 to $176.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 3rd. Wells Fargo & Company dropped their price target on shares of Constellation Brands from $170.00 to $155.00 and set an “overweight” rating for the company in a research report on Thursday, September 25th. BNP Paribas lowered shares of Constellation Brands from a “hold” rating to a “strong sell” rating in a research report on Wednesday, September 3rd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Constellation Brands from $182.00 to $158.00 and set a “hold” rating for the company in a research report on Wednesday, September 3rd. Finally, Roth Capital restated a “buy” rating and set a $209.00 target price (down previously from $239.00) on shares of Constellation Brands in a research report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have issued a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $188.96.

Constellation Brands Price Performance

Constellation Brands stock opened at $142.20 on Friday. The company has a market cap of $25.07 billion, a price-to-earnings ratio of -59.50, a PEG ratio of 0.42 and a beta of 0.66. Constellation Brands Inc has a 52-week low of $131.20 and a 52-week high of $247.96. The firm’s fifty day moving average is $153.72 and its 200 day moving average is $169.48. The company has a quick ratio of 0.68, a current ratio of 1.07 and a debt-to-equity ratio of 1.30.

Constellation Brands (NYSE:STZ) last released its quarterly earnings results on Tuesday, July 1st. The company reported $3.22 earnings per share for the quarter, missing analysts’ consensus estimates of $3.45 by ($0.23). Constellation Brands had a negative net margin of 4.11% and a positive return on equity of 31.41%. The firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same quarter in the prior year, the business posted $3.57 earnings per share. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. Sell-side analysts forecast that Constellation Brands Inc will post 13.5 EPS for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Thursday, October 30th will be issued a $1.02 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $4.08 annualized dividend and a yield of 2.9%. Constellation Brands’s dividend payout ratio (DPR) is -170.71%.

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.