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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Constellation Brands Inc | NYSE:STZ | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -2.59 | -1.08% | 237.15 | 239.11 | 236.57 | 238.66 | 1,103,359 | 21:15:03 |
From Nov 2022 to Nov 2024
By Ben Glickman
Constellation Brands authorized up to $2 billion in additional share buybacks and outlined its medium-term growth targets.
The Victor, N.Y.-based beer and wine seller said Thursday ahead of its investor day that it was aiming for medium-term growth in its beer business of 7% to 9%. The company has forecast 8% to 9% growth in beer sales in fiscal 2024.
Constellation is also forecasting medium-term wine and spirits sales growth of 1% to 3%. The company previously said it was forecasting a 0.5% drop to a 0.5% rise in organic sales in fiscal 2024.
The company is targeting double-digit earnings per share growth in the medium term, excluding Canopy, which the company owns a stake in.
Constellation said that other than its share-repurchase program, it is focused on allocation capital to strengthening its balance sheet, returning to cash to shareholders, investing in organic growth and executing tuck-in acquisitions.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 02, 2023 13:35 ET (17:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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