Meridian Wealth Management LLC Raises Stock Position in Constellation Brands, Inc. (NYSE:STZ)

Meridian Wealth Management LLC raised its stake in Constellation Brands, Inc. (NYSE:STZ) by 7.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,825 shares of the company’s stock after buying an additional 120 shares during the period. Meridian Wealth Management LLC’s holdings in Constellation Brands were worth $403,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in STZ. SBI Securities Co. Ltd. purchased a new position in Constellation Brands in the fourth quarter valued at about $26,000. Compagnie Lombard Odier SCmA purchased a new position in Constellation Brands in the fourth quarter valued at about $27,000. Union Bancaire Privee UBP SA purchased a new position in Constellation Brands in the fourth quarter valued at about $28,000. Versant Capital Management Inc increased its holdings in Constellation Brands by 887.5% in the fourth quarter. Versant Capital Management Inc now owns 158 shares of the company’s stock valued at $35,000 after buying an additional 142 shares in the last quarter. Finally, Centricity Wealth Management LLC purchased a new position in Constellation Brands in the fourth quarter valued at about $35,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Constellation Brands Stock Up 0.9 %

Shares of STZ opened at $174.08 on Thursday. The firm has a market cap of $31.46 billion, a PE ratio of 46.79, a price-to-earnings-growth ratio of 1.52 and a beta of 1.75. The company’s fifty day moving average is $185.90 and its two-hundred day moving average is $222.14. Constellation Brands, Inc. has a fifty-two week low of $160.46 and a fifty-two 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 announced its quarterly earnings results on Friday, January 10th. The company reported $3.25 earnings per share for the quarter, missing analysts’ consensus estimates of $3.33 by ($0.08). The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.53 billion. Constellation Brands had a net margin of 6.27% and a return on equity of 26.55%. The firm’s revenue for the quarter was down .3% compared to the same quarter last year. During the same quarter last year, the business earned $3.19 EPS. Analysts forecast that Constellation Brands, Inc. will post 13.5 earnings per share for the current year.

Constellation Brands Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Friday, February 7th were issued a dividend of $1.01 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $4.04 annualized dividend and a dividend yield of 2.32%. Constellation Brands’s payout ratio is 108.60%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Evercore ISI dropped their target price on shares of Constellation Brands from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Monday, January 13th. Jefferies Financial Group reissued a “hold” rating and set a $201.00 price objective (down from $310.00) on shares of Constellation Brands in a research note on Monday, January 13th. Truist Financial dropped their price objective on shares of Constellation Brands from $255.00 to $190.00 and set a “hold” rating for the company in a research note on Tuesday, January 14th. BNP Paribas assumed coverage on shares of Constellation Brands in a research note on Monday, November 25th. They set a “neutral” rating and a $261.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Constellation Brands from $295.00 to $275.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Eleven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.43.

Insider Activity at Constellation Brands

In other Constellation Brands news, Director William T. Giles bought 1,000 shares of Constellation Brands stock in a transaction that occurred on Friday, January 17th. The shares were acquired at an average price of $186.39 per share, for a total transaction of $186,390.00. Following the acquisition, the director now owns 1,463 shares of the company’s stock, valued at $272,688.57. The trade was a 215.98 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 12.19% 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.