Zacks Reiterates “Neutral” Rating for Molson Coors Brewing Company (TAP)
Molson Coors Brewing Company (NYSE:TAP)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Monday. They currently have a $75.00 price target on the stock. Zacks‘s price objective points to a potential upside of 5.35% from the stock’s previous close.
Zacks’ analyst wrote, “Molson Coors’ second quarter 2014 earnings of $1.57 per share increased 6.8% from the prior-year quarter and exceeded the Zacks Consensus Estimate by 9% driven by growth in underlying pre-tax income and expanded margins owing to lower interest expense. Sales missed the Zacks Consensus Estimate but increased marginally from the year-ago quarter as positive pricing and mix made up for the beer volume decline in the quarter. Nevertheless, we are encouraged by the company’s strong brand portfolio, continuous innovation and cost-saving initiatives. The acquisition of StarBev breweries has also enhanced the premium brands portfolio of Molson Coors and exposed it to the attractive beer markets of Central Europe. However, macro-economic headwinds and continued volume decline in major markets remain concerns. We thus remain on the sidelines with a target price of $62.00.”
Molson Coors Brewing Company (NYSE:TAP) traded up 1.15% on Monday, hitting $72.01. The stock had a trading volume of 661,722 shares. Molson Coors Brewing Company has a 52 week low of $48.18 and a 52 week high of $75.55. The stock has a 50-day moving average of $72.10 and a 200-day moving average of $62.88. The company has a market cap of $13.329 billion and a price-to-earnings ratio of 18.16. Molson Coors Brewing Company also was the target of some unusual options trading activity on Friday. Stock traders acquired 20,329 call options on the stock. This represents an increase of approximately 1,155% compared to the average volume of 1,620 call options.
Molson Coors Brewing Company (NYSE:TAP) last announced its earnings results on Wednesday, August 6th. The company reported $1.57 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.46 by $0.11. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.18 billion. During the same quarter in the prior year, the company posted $1.50 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts predict that Molson Coors Brewing Company will post $4.37 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Friday, August 29th will be paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Wednesday, August 27th.
TAP has been the subject of a number of other recent research reports. Analysts at JPMorgan Chase & Co. raised their price target on shares of Molson Coors Brewing Company from $65.00 to $76.00 in a research note on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at Stifel Nicolaus raised their price target on shares of Molson Coors Brewing Company from $87.00 to $90.00 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Nomura raised their price target on shares of Molson Coors Brewing Company from $62.00 to $65.00 in a research note on Monday, July 21st. They now have a “neutral” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $75.63.
In other Molson Coors Brewing Company news, CEO Krishnan Anand sold 2,500 shares of the stock on the open market in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $70.00, for a total transaction of $175,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Molson Coors Brewing Company (NYSE:TAP) is a holding company.
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