Molson Coors Brewing Co. (TAP) Given New $159.00 Price Target at Susquehanna
Molson Coors Brewing Co. (NYSE:TAP) had its target price increased by equities research analysts at Susquehanna from $129.00 to $159.00 in a research report issued on Wednesday. The brokerage currently has a “positive” rating on the stock. Susquehanna’s target price indicates a potential upside of 55.58% from the company’s current price.
TAP has been the topic of a number of other reports. Citigroup Inc. boosted their target price on shares of Molson Coors Brewing from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus restated a “buy” rating and issued a $134.00 price target (up previously from $119.00) on shares of Molson Coors Brewing in a research report on Sunday, June 12th. Zacks Investment Research downgraded shares of Molson Coors Brewing from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Finally, Bryan, Garnier & Co upgraded shares of Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Molson Coors Brewing has a consensus rating of “Buy” and an average price target of $117.50.
Shares of Molson Coors Brewing (NYSE:TAP) traded up 2.05% during midday trading on Wednesday, hitting $104.30. 206,409 shares of the stock traded hands. Molson Coors Brewing has a 52 week low of $78.17 and a 52 week high of $107.55. The firm has a 50-day moving average price of $101.37 and a 200-day moving average price of $98.71. The stock has a market capitalization of $22.40 billion, a P/E ratio of 54.07 and a beta of 0.94.
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Molson Coors Brewing (NYSE:TAP) last posted its earnings results on Tuesday, August 2nd. The company reported $1.11 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.11. Molson Coors Brewing had a net margin of 7.54% and a return on equity of 8.21%. The firm had revenue of $986.20 million for the quarter, compared to analyst estimates of $970.25 million. During the same period in the previous year, the firm posted $1.41 EPS. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. On average, equities analysts predict that Molson Coors Brewing will post $3.27 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were given a dividend of $0.41 per share. The ex-dividend date was Monday, August 29th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.60%. Molson Coors Brewing’s payout ratio is presently 88.65%.
In related news, CEO Krishnan Anand sold 13,000 shares of the business’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $107.00, for a total transaction of $1,391,000.00. Following the transaction, the chief executive officer now owns 29,676 shares in the company, valued at approximately $3,175,332. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew Thomas Molson sold 1,173 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $99.49, for a total transaction of $116,701.77. Following the transaction, the director now owns 6,834 shares in the company, valued at approximately $679,914.66. The disclosure for this sale can be found here. Corporate insiders own 2.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new position in Molson Coors Brewing during the first quarter valued at $41,026,000. Adage Capital Partners GP L.L.C. increased its position in Molson Coors Brewing by 10.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 834,705 shares of the company’s stock valued at $80,282,000 after buying an additional 79,300 shares during the last quarter. Renaissance Technologies LLC increased its position in Molson Coors Brewing by 16.7% in the first quarter. Renaissance Technologies LLC now owns 619,900 shares of the company’s stock valued at $59,622,000 after buying an additional 88,900 shares during the last quarter. ING Groep NV acquired a new position in Molson Coors Brewing during the first quarter valued at $407,000. Finally, Prudential PLC increased its position in Molson Coors Brewing by 3.2% in the first quarter. Prudential PLC now owns 76,940 shares of the company’s stock valued at $7,400,000 after buying an additional 2,378 shares during the last quarter. Hedge funds and other institutional investors own 77.65% of the company’s stock.
About Molson Coors Brewing
Molson Coors Brewing Company (MCBC) is a holding company that operates as a brewer. The Company has a portfolio of brands, including Carling, Coors Light, Molson Canadian and Staropramen, as well as craft and specialty beers, such as Blue Moon, Creemore Springs, Cobra and Doom Bar. The Company operates through four segments: Molson Coors Canada (MCC or Canada segment); MillerCoors LLC (MillerCoors or U.S.
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