Constellation Brands enters accelerated share repurchase program for $500 million of its own stock

Constellation Brands Inc. STZ, +0.64% said Thursday it has entered an accelerated share repurchase program with Bank of America to repurchase $500 million of its Class A common stock. The alcohol company, which reported fourth-quarter earnings earlier Thursday, said it will receive about 1.7 million shares on April 8. equal to 80% of the repurchases expected under the ASR agreement. Shares were up 2.6% premarket.