Constellation Brands (STZ) could potentially implement a stock buyback program, CEO Bill Newlands said Thursday — a move we would welcome as shareholders in the alcoholic beverage maker. Newlands’ comments came on the heels of Constellation reporting mixed 2023 fiscal third-quarter results earlier in the day, sending the company’s stock price tumbling. Shares of Constellation closed down nearly 10%, settling at $208.68 apiece. During an interview with Jim Cramer on “Mad Money” Thursday evening, Jim pushed Newlands on whether Constellation would consider a buyback given the decline in the stock. “Big cash flow, lots of opportunity to do many things with that cash at $208, perhaps the best thing to do with that cash is to buy stock,” Jim prodded. For his part, Newlands responded, …
