Molson Coors Brewing Company Upgraded by Zacks to Buy (TAP)
Molson Coors Brewing Company (NYSE:TAP) was upgraded by Zacks from an “underperform” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $80.00 target price on the stock, up from their previous target price of $55.00. Zacks‘s target price would indicate a potential upside of 13.14% from the company’s current price.
The analysts wrote, “We are raising our rating on TAP from Underperform to Buy based on potential for improving fundamentals and strategic actions. “Key factors to consider are : 1) Prospects for a solid performance in Europe, potential improvement in the US tied to improving economy, easier comparisons and Miller Coors marketing initiatives 2) improvement in cash flow and total shareholder returns enabled by a broader application of the companies PACC (EVA like) model. 3) Canadian cost savings initiatives should begin to have more of an effect later in 2014 and into 2015, and 4) Increased appreciation in the market for the value (to TAP) of the Miller Coors JV including the accretive scenario of TAP buying out its partner.”
In other Molson Coors Brewing Company news, Chairman Peter H. Coors unloaded 27,300 shares of the stock on the open market in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $65.52, for a total value of $1,788,696.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Molson Coors Brewing Company (NYSE:TAP) opened at 70.79 on Wednesday. Molson Coors Brewing Company has a 52 week low of $46.94 and a 52 week high of $71.39. The stock’s 50-day moving average is $63.33 and its 200-day moving average is $57.80. The company has a market cap of $13.079 billion and a price-to-earnings ratio of 18.61.
Molson Coors Brewing Company (NYSE:TAP) last released its earnings data on Wednesday, May 7th. The company reported $0.55 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.35 by $0.20. The company had revenue of $816.00 million for the quarter, compared to the consensus estimate of $818.43 million. During the same quarter last year, the company posted $0.30 earnings per share. Molson Coors Brewing Company’s revenue was down 1.5% compared to the same quarter last year. On average, analysts predict that Molson Coors Brewing Company will post $4.30 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, June 16th. Investors of record on Friday, May 30th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.09%. The ex-dividend date is Wednesday, May 28th.
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs raised their price target on shares of Molson Coors Brewing Company to $79.00 in a research note on Wednesday. Separately, analysts at Bank of America upgraded shares of Molson Coors Brewing Company from an “underperform” rating to a “buy” rating in a research note on Wednesday. They now have a $80.00 price target on the stock, up previously from $55.00. They noted that the move was a valuation call. Finally, analysts at ISI Group upgraded shares of Molson Coors Brewing Company from a “neutral” rating to a “buy” rating in a research note on Friday, May 16th. They now have a $75.00 price target on the stock, up previously from $60.00. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $71.11.
Molson Coors Brewing Company (NYSE:TAP) is a holding company.
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