Constellation Brands (STZ), a leading beverage and alcohol company, produced excellent quarterly results with strong free cash flow for its fiscal Q1 ending May 31. However, STZ stock still does not reflect its true value. That makes shorting out-of-the-money (OTM) puts and calls a good play. I discussed this in my July 5 Barchart article: “Constellation Brands, Which Makes Corona and Modelo Beer, Looks Cheap to Value Investors Based on Its Cash Flow.” At the time, STZ stock was trading at $257.08, and as of Friday, July 26, it was at $253.48. I explained how the stock looks undervalued. The p…