Constellation Brands

Constellation Brands (STZ - Get Report)  announced Wednesday it reached a deal to sell about 30 wine and spirits brands to E. & J. Gallo Winery for $1.7 billion.

Most of the wines brands being sold cost around $11 a bottle.

Constellation retains all of its beer brands, Svedka Vodka and several other wine labels including premium lines like Robert Mondavi.

"One of the hallmarks of our success over the years has been our ability to evolve and stay on the forefront of emerging consumer trends," said Bill Newlands, Constellation Brands president and CEO. "This decision will help enhance organizational focus on a more premium set of wine and spirits brands that better position our company to drive accelerated growth and shareholder value."

Constellation Brands reported on Thursday fourth-quarter adjusted earnings of $1.84 a share, higher than estimates of $1.72, but said it expects fiscal 2020 earnings of $8.50 to $8.80 a share, below forecast of $9.38. The 2020 estimate includes the impact of the sale of the wine brands.

The stock rose 0.9% in trading Thursday to $181.35.

How Much Money Will I Need to Retire?

Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.