Constellation Brands (STZ) Approves $1B Stock Buyback Program
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- AK Steel (AKS) Pares Earlier Gains, Shares Whipsaw
- Popular (BPOP) Raises Quarterly Dividend 66.7% to $0.25; $75M Buyback
- Microsoft (MSFT) Names Kevin Scott as CTO
Create E-mail Alert Related CategoriesCorporate News, Management Comments, Stock Buybacks
Related EntitiesStock Buyback, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!