Constellation Brands (STZ) Approves $1B Stock Buyback Program
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Constellation Brands (NYSE: STZ) announced that its board has authorized a new share repurchase program of up to $1 billion of the company's common stock to be utilized over time. This new program is in addition to the company's current $1 billion share repurchase program. The company currently expects to execute the new $1 billion share repurchase authorization opportunistically in the future, subject to then-current market conditions and management's discretion.
"We are pleased with our new Investment Grade status, which has been driven by our ability to continue to generate strong earnings and operating cash flow. This provides us with the flexibility to be opportunistic with future share repurchases while remaining committed to our 3.5x targeted leverage ratio," said David Klein, executive vice president and chief financial officer, Constellation Brands.
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