CONSTELLATION BRANDS, INC. — Director's Dealing 2003

Nov 10, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CONSTELLATION BRANDS INC (STZ)
CIK: 0000016918
Period of Report: 2003-11-06

Reporting Person: HETTERICH F PAUL (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-11-06	Class A Common Stock	M	6400	$10.25	Acquired	12966	Direct
2003-11-06	Class A Common Stock	M	13600	$12.9063	Acquired	26566	Direct
2003-11-06	Class A Common Stock	M	3600	$13	Acquired	30166	Direct
2003-11-06	Class A Common Stock	M	6400	$12.875	Acquired	36566	Direct
2003-11-06	Class A Common Stock	S	100	$31.32	Disposed	36466	Direct
2003-11-06	Class A Common Stock	S	5200	$31.31	Disposed	31266	Direct
2003-11-06	Class A Common Stock	S	24700	$31.25	Disposed	6566	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-11-06	Non-Qualified Stock Option (right to buy)	$10.25	M	6400	Disposed	2007-09-14	Class A Common Stock (6400)	Direct
2003-11-06	Non-Qualified Stock Option (right to buy)	$12.875	M	6400	Disposed	2010-04-05	Class A Common Stock (6400)	Direct
2003-11-06	Non-Qualified Stock Option (right to buy)	$12.9063	M	13600	Disposed	2008-04-26	Class A Common Stock (13600)	Direct
2003-11-06	Non-Qualified Stock Option (right to buy)	$13	M	3600	Disposed	2009-04-14	Class A Common Stock (3600)	Direct

Footnotes

F1: The amount of securities reflected in column 5 includes shares of Class A Common Stock acquired in July 2003 under Constellation Brands, Inc. 1989 Employee Stock Purchase Plan .

F2: 100% of this option has become exercisable.