Constellation Brands, Inc. (NYSE:STZ) Stake Boosted by CIBC Asset Management Inc

CIBC Asset Management Inc increased its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 4.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 24,718 shares of the company’s stock after purchasing an additional 1,042 shares during the quarter. CIBC Asset Management Inc’s holdings in Constellation Brands were worth $5,463,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its stake in Constellation Brands by 1,844.7% during the fourth quarter. Van ECK Associates Corp now owns 924,274 shares of the company’s stock worth $204,265,000 after purchasing an additional 876,745 shares during the last quarter. Grimes & Company Inc. bought a new position in Constellation Brands during the fourth quarter worth $6,099,000. Copperleaf Capital LLC bought a new position in Constellation Brands during the fourth quarter worth $343,000. Empowered Funds LLC lifted its stake in Constellation Brands by 62.8% during the fourth quarter. Empowered Funds LLC now owns 16,575 shares of the company’s stock worth $3,663,000 after purchasing an additional 6,391 shares during the last quarter. Finally, Southern Style Financial Inc. bought a new position in Constellation Brands during the fourth quarter worth $3,074,000. 77.34% of the stock is currently owned by institutional investors.

Constellation Brands Price Performance

NYSE:STZ opened at $172.47 on Thursday. The business’s 50-day moving average price is $196.90 and its 200 day moving average price is $226.68. The firm has a market cap of $31.17 billion, a P/E ratio of 46.36, a PEG ratio of 1.44 and a beta of 0.90. Constellation Brands, Inc. has a 52-week low of $160.46 and a 52-week high of $274.87. The company has a quick ratio of 0.46, a current ratio of 1.10 and a debt-to-equity ratio of 1.26.

Constellation Brands (NYSE:STZ) last released its earnings results on Friday, January 10th. The company reported $3.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.33 by ($0.08). The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.53 billion. Constellation Brands had a return on equity of 26.55% and a net margin of 6.27%. Constellation Brands’s revenue was down .3% on a year-over-year basis. During the same period in the previous year, the firm earned $3.19 earnings per share. As a group, sell-side analysts predict that Constellation Brands, Inc. will post 13.5 earnings per share for the current fiscal year.

Constellation Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 21st. Investors of record on Friday, February 7th will be given a $1.01 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 2.34%. Constellation Brands’s dividend payout ratio (DPR) is 108.60%.

Insider Activity at Constellation Brands

In related news, Director William T. Giles purchased 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The stock was acquired at an average price of $186.39 per share, for a total transaction of $186,390.00. Following the transaction, the director now directly owns 1,463 shares of the company’s stock, valued at $272,688.57. This trade represents a 215.98 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 12.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays reduced their price objective on Constellation Brands from $282.00 to $214.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 14th. TD Cowen dropped their target price on Constellation Brands from $270.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, January 8th. Wells Fargo & Company dropped their target price on Constellation Brands from $295.00 to $275.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Piper Sandler lowered Constellation Brands from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $245.00 to $200.00 in a research report on Monday, February 3rd. Finally, Morgan Stanley dropped their target price on Constellation Brands from $280.00 to $220.00 and set an “overweight” rating on the stock in a research report on Monday, January 13th. Ten equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Constellation Brands currently has an average rating of “Moderate Buy” and a consensus target price of $254.29.

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.