Wells Fargo & Company Cuts Constellation Brands (NYSE:STZ) Price Target to $295.00

Constellation Brands (NYSE:STZ) had its target price cut by equities researchers at Wells Fargo & Company from $300.00 to $295.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 22.07% from the stock’s current price.

A number of other brokerages have also issued reports on STZ. Truist Financial dropped their price objective on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a report on Friday, October 4th. BNP Paribas started coverage on shares of Constellation Brands in a report on Monday. They set a “neutral” rating and a $261.00 price target for the company. Roth Mkm reaffirmed a “buy” rating and set a $298.00 price target on shares of Constellation Brands in a research report on Friday, October 4th. Barclays lowered their price objective on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. Finally, Bank of America restated a “neutral” rating and issued a $255.00 target price (down previously from $300.00) on shares of Constellation Brands in a research report on Monday, October 7th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $289.16.

Constellation Brands Stock Up 0.8 %

Shares of NYSE STZ opened at $241.67 on Tuesday. The stock has a market cap of $43.88 billion, a PE ratio of 78.21, a P/E/G ratio of 1.69 and a beta of 1.75. The company has a current ratio of 1.25, a quick ratio of 0.53 and a debt-to-equity ratio of 1.31. Constellation Brands has a 12-month low of $224.76 and a 12-month high of $274.87. The company has a 50-day moving average of $242.80 and a 200 day moving average of $247.27.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.08 by $0.24. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same period in the prior year, the business earned $3.70 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts predict that Constellation Brands will post 13.57 EPS for the current fiscal year.

Insider Activity

In other Constellation Brands news, Director Robert Sands sold 119,274 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $242.37, for a total transaction of $28,908,439.38. Following the transaction, the director now owns 431,729 shares of the company’s stock, valued at approximately $104,638,157.73. This trade represents a 21.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Wildstar Partners Llc sold 660 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $241.00, for a total value of $159,060.00. Following the completion of the sale, the insider now owns 1,736,884 shares of the company’s stock, valued at approximately $418,589,044. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 189,956 shares of company stock worth $46,058,091. 12.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Constellation Brands

A number of institutional investors have recently modified their holdings of STZ. Manning & Napier Advisors LLC purchased a new position in Constellation Brands during the 2nd quarter worth $119,394,000. Empowered Funds LLC boosted its stake in shares of Constellation Brands by 318.8% during the third quarter. Empowered Funds LLC now owns 10,184 shares of the company’s stock worth $2,624,000 after buying an additional 7,752 shares during the period. Signature Estate & Investment Advisors LLC purchased a new position in shares of Constellation Brands during the third quarter worth about $2,132,000. WealthPlan Investment Management LLC increased its position in Constellation Brands by 29.5% in the 3rd quarter. WealthPlan Investment Management LLC now owns 30,160 shares of the company’s stock valued at $7,772,000 after acquiring an additional 6,867 shares during the period. Finally, Swedbank AB purchased a new stake in Constellation Brands during the 1st quarter valued at approximately $561,000. 77.34% of the stock is owned by institutional investors and hedge funds.

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.