Molson Coors Brewing Co. (TAP) Price Target Raised to $159.00
Molson Coors Brewing Co. (NYSE:TAP) had its price objective upped by equities research analysts at Susquehanna from $129.00 to $159.00 in a research report issued to clients and investors on Wednesday. The firm presently has a “positive” rating on the stock. Susquehanna’s price target suggests a potential upside of 55.58% from the company’s current price.
Several other research firms have also recently commented on TAP. Stifel Nicolaus restated a “buy” rating and set a $134.00 target price (up from $119.00) on shares of Molson Coors Brewing in a research report on Sunday, June 12th. Citigroup Inc. boosted their target price on Molson Coors Brewing from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday. Zacks Investment Research upgraded Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a report on Tuesday, July 12th. Finally, Bryan, Garnier & Co upgraded Molson Coors Brewing to a “buy” rating in a report on Friday, July 8th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $117.50.
Shares of Molson Coors Brewing (NYSE:TAP) traded up 2.15% during trading on Wednesday, hitting $104.40. The stock had a trading volume of 215,001 shares. The firm has a 50-day moving average price of $101.37 and a 200 day moving average price of $98.71. The company has a market capitalization of $22.42 billion, a PE ratio of 54.12 and a beta of 0.94. Molson Coors Brewing has a 52 week low of $78.17 and a 52 week high of $107.55.
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Molson Coors Brewing (NYSE:TAP) last posted its earnings results on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.11. Molson Coors Brewing had a return on equity of 8.21% and a net margin of 7.54%. The business earned $986.20 million during the quarter, compared to analysts’ expectations of $970.25 million. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s revenue was down 1.9% on a year-over-year basis. Equities analysts anticipate that Molson Coors Brewing will post $3.27 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 1.60%. The ex-dividend date was Monday, August 29th. Molson Coors Brewing’s dividend payout ratio is presently 88.65%.
In other Molson Coors Brewing news, CEO Krishnan Anand sold 1,869 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $102.00, for a total transaction of $190,638.00. Following the completion of the transaction, the chief executive officer now owns 26,777 shares of the company’s stock, valued at approximately $2,731,254. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew Thomas Molson sold 1,173 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $99.49, for a total value of $116,701.77. Following the transaction, the director now directly owns 6,834 shares of the company’s stock, 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.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Magnetar Financial LLC acquired a new position in Molson Coors Brewing during the first quarter worth approximately $41,026,000. Adage Capital Partners GP L.L.C. raised 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 worth $80,282,000 after buying an additional 79,300 shares during the last quarter. Renaissance Technologies LLC raised 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 worth $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 worth approximately $407,000. Finally, Prudential PLC raised 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 worth $7,400,000 after buying an additional 2,378 shares during the last quarter. 77.65% of the stock is owned by institutional investors and hedge funds.
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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