JPMorgan Chase & Co. Cuts Constellation Brands (NYSE:STZ) Price Target to $291.00

Constellation Brands (NYSE:STZ) had its price objective cut by JPMorgan Chase & Co. from $296.00 to $291.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also issued reports on STZ. BMO Capital Markets raised their price target on Constellation Brands from $290.00 to $315.00 and gave the stock an outperform rating in a research report on Friday, April 12th. Piper Sandler assumed coverage on Constellation Brands in a report on Friday, March 22nd. They set an overweight rating and a $300.00 target price on the stock. Argus upgraded Constellation Brands from a hold rating to a buy rating and set a $306.00 price target on the stock in a research report on Monday, April 15th. Bank of America increased their price objective on Constellation Brands from $290.00 to $300.00 and gave the stock a buy rating in a report on Monday, March 18th. Finally, Evercore ISI upped their price objective on shares of Constellation Brands from $300.00 to $310.00 and gave the stock an outperform rating in a report on Friday, April 12th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Constellation Brands has an average rating of Moderate Buy and a consensus price target of $298.37.

Constellation Brands Stock Performance

Shares of STZ opened at $263.50 on Thursday. The company has a current ratio of 1.19, a quick ratio of 0.53 and a debt-to-equity ratio of 1.06. The stock has a 50-day moving average price of $255.18 and a 200-day moving average price of $252.81. The company has a market cap of $48.22 billion, a PE ratio of 28.09, a price-to-earnings-growth ratio of 1.75 and a beta of 0.89. Constellation Brands has a 12-month low of $227.50 and a 12-month high of $274.87.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Thursday, April 11th. The company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.10 by $0.16. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.09 billion. Constellation Brands had a net margin of 16.13% and a return on equity of 23.06%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.98 EPS. As a group, equities analysts forecast that Constellation Brands will post 13.66 earnings per share for the current fiscal year.

Constellation Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 17th. Investors of record on Friday, May 3rd were paid a dividend of $1.01 per share. This is an increase from Constellation Brands’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Thursday, May 2nd. This represents a $4.04 dividend on an annualized basis and a yield of 1.53%. Constellation Brands’s dividend payout ratio is presently 43.07%.

Insiders Place Their Bets

In related news, CEO William A. Newlands sold 4,013 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $263.25, for a total value of $1,056,422.25. Following the completion of the transaction, the chief executive officer now owns 5,395 shares of the company’s stock, valued at approximately $1,420,233.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Constellation Brands news, CEO William A. Newlands sold 4,013 shares of Constellation Brands stock in a transaction on Friday, April 19th. The shares were sold at an average price of $263.25, for a total transaction of $1,056,422.25. Following the completion of the transaction, the chief executive officer now directly owns 5,395 shares of the company’s stock, valued at $1,420,233.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William A. Newlands sold 25,000 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $261.54, for a total transaction of $6,538,500.00. Following the transaction, the chief executive officer now owns 14,700 shares in the company, valued at approximately $3,844,638. The disclosure for this sale can be found here. Insiders sold 48,031 shares of company stock valued at $12,582,321 in the last three months. Corporate insiders own 12.19% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. BKM Wealth Management LLC bought a new stake in shares of Constellation Brands during the 4th quarter worth approximately $28,000. Asset Dedication LLC grew its position in Constellation Brands by 3,833.3% in the 3rd quarter. Asset Dedication LLC now owns 118 shares of the company’s stock valued at $30,000 after acquiring an additional 115 shares during the last quarter. YHB Investment Advisors Inc. purchased a new stake in Constellation Brands in the first quarter worth $35,000. Kapitalo Investimentos Ltda bought a new stake in shares of Constellation Brands during the fourth quarter worth $35,000. Finally, First Financial Corp IN purchased a new stake in shares of Constellation Brands during the first quarter valued at $35,000. Hedge funds and other institutional investors own 77.34% of the company’s stock.

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.