Jim Cramer Praises Constellation Brands
Shares of Constellation Brands, Inc. (NYSE: STZ) hit a new 52-week high of $173.55 Wednesday after the company reported its second quarter results and boosted its guidance.
The company's strong earnings print attracted the attention of Jim Cramer, who made the producer and marketer of alcoholic beverages a focal point during his daily "The Mad Dash" segment.
According to Cramer, Constellation Brands is the best consumer packaged goods growth story in the market given its 13 percent organic growth, which helped boost its operating income by 27 percent.
He said another interesting aspect to the the growth story is that sales of Modelo and Corona accelerating in the quarter. Meanwhile, the company's wine brands are also "selling like mad."
Moreover, the company announced an acquisition of High West Distillery, which Cramer touted as being "one of the hottest" craft beer sellers.
Cramer went on to discuss the stock's more than 800 percent return over the past five years, noting that the company's President and CEO Robert Sands "doesn't make a lot of wrong moves" and have really "augmented" the company and taken the company "to the next level."
Bottom line, Cramer concluded that Constellation Brands "has taken consumer packed goods companies by storm" and it's "really the only one left that has true double digit growth - and you know how hard that is to find."
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.