Molson Coors Brewing Co. (TAP) Coverage Initiated at Goldman Sachs Group Inc.
Research analysts at Goldman Sachs Group Inc. initiated coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a report issued on Monday. The firm set a “buy” rating and a $130.00 price target on the stock. Goldman Sachs Group Inc.’s price objective points to a potential upside of 18.36% from the stock’s previous close.
A number of other analysts have also commented on the stock. Stifel Nicolaus restated a “buy” rating and set a $134.00 price target (up previously from $119.00) on shares of Molson Coors Brewing in a research note on Sunday, June 12th. Zacks Investment Research lowered shares of Molson Coors Brewing from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Susquehanna restated a “buy” rating on shares of Molson Coors Brewing in a research note on Monday, August 8th. Citigroup Inc. boosted their price target on shares of Molson Coors Brewing from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, September 19th. Finally, Bryan, Garnier & Co upgraded shares of Molson Coors Brewing to a “buy” rating in a research note on Friday, July 8th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $120.11.
Molson Coors Brewing (NYSE:TAP) traded up 2.03% during trading on Monday, reaching $109.83. 1,801,271 shares of the company were exchanged. Molson Coors Brewing has a one year low of $78.17 and a one year high of $111.24. The firm’s 50 day moving average price is $104.36 and its 200-day moving average price is $100.05. The stock has a market capitalization of $23.59 billion, a price-to-earnings ratio of 56.94 and a beta of 0.88.
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Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, meeting the Zacks’ consensus estimate of $1.11. The business earned $986.20 million during the quarter, compared to analyst estimates of $970.25 million. Molson Coors Brewing had a net margin of 7.54% and a return on equity of 8.21%. Molson Coors Brewing’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. On average, equities research analysts predict that Molson Coors Brewing will post $3.29 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date was Monday, August 29th. Molson Coors Brewing’s dividend payout ratio (DPR) is currently 88.65%.
In related news, CEO Krishnan Anand sold 1,869 shares of the business’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $102.00, for a total value of $190,638.00. Following the transaction, the chief executive officer now directly owns 26,777 shares of the company’s stock, valued at approximately $2,731,254. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Thomas Molson sold 1,173 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $99.49, for a total transaction of $116,701.77. Following the completion of the transaction, the director now directly owns 6,834 shares in the company, valued at $679,914.66. The disclosure for this sale can be found here. 2.53% of the stock is currently owned by corporate insiders.
Several institutional investors have recently modified their holdings of TAP. Virginia Retirement System bought a new position in shares of Molson Coors Brewing during the first quarter worth $290,000. Ngam Advisors L.P. bought a new position in shares of Molson Coors Brewing during the first quarter worth $1,129,000. Prudential Financial Inc. increased its position in shares of Molson Coors Brewing by 14.0% in the first quarter. Prudential Financial Inc. now owns 224,578 shares of the company’s stock worth $21,599,000 after buying an additional 27,660 shares during the period. BlackRock Inc. increased its position in shares of Molson Coors Brewing by 19.6% in the first quarter. BlackRock Inc. now owns 219,083 shares of the company’s stock worth $21,072,000 after buying an additional 35,895 shares during the period. Finally, BlackRock Group LTD increased its position in shares of Molson Coors Brewing by 13.5% in the first quarter. BlackRock Group LTD now owns 1,372,156 shares of the company’s stock worth $131,975,000 after buying an additional 163,373 shares during the period. 77.65% of the stock is currently owned by institutional investors.
Molson Coors Brewing Company Profile
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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