Axxcess Wealth Management Sells 2,696 Shares of Constellation Brands, Inc.
Axxcess Wealth Management LLC has filed a 13F form with the Securities and Exchange Commission (SEC)
The form discloses the company's holdings in Constellation Brands, Inc. (NYSE: STZ) as of December 31, 2022.
According to the form, Axxcess Wealth Management LLC sold 2,696 shares of Constellation Brands during the fourth quarter of 2022.
This sale reduced the company's stake in Constellation Brands to 12,696 shares.
Constellation Brands is a leading international producer and marketer of beer, wine, and spirits.
The company's portfolio includes iconic brands such as Corona, Modelo, Svedka, and Kim Crawford.
The sale of Constellation Brands shares by Axxcess Wealth Management LLC is likely due to a combination of factors.
These factors could include the company's overall investment strategy, the performance of Constellation Brands stock, and the broader market conditions.
It is important to note that the sale of a stock by a fund manager does not necessarily mean that the fund manager is bearish on the stock.
Fund managers often buy and sell stocks as part of their overall investment strategy.
In this case, Axxcess Wealth Management LLC may have sold Constellation Brands shares to rebalance its portfolio or to raise cash for other investments.
Constellation Brands stock has performed well in recent years, but it has underperformed the broader market in 2023.
The stock is currently trading at around $235 per share, which is down about 10% from its 52-week high of $260 per share.
The broader market has also been volatile in 2023, with the S&P 500 index falling by about 15% year-to-date.
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