Molson Coors Brewing Co. (TAP) Coverage Initiated by Analysts at Goldman Sachs Group Inc.
Analysts at Goldman Sachs Group Inc. initiated coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a research note issued to investors on Monday. The brokerage set a “buy” rating on the stock.
Other research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 price target for the company in a research report on Tuesday, July 12th. Stifel Nicolaus restated a “top pick” rating on shares of Molson Coors Brewing in a research report on Wednesday, July 6th. Susquehanna restated a “buy” rating and set a $130.00 price target on shares of Molson Coors Brewing in a research report on Wednesday, July 27th. Citigroup Inc. upgraded shares of Molson Coors Brewing from a “neutral” rating to a “buy” rating and boosted their price target for the company from $101.00 to $115.00 in a research report on Friday, July 29th. Finally, Bryan, Garnier & Co upgraded shares of Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $118.88.
Shares of Molson Coors Brewing (NYSE:TAP) opened at 107.65 on Monday. Molson Coors Brewing has a 12-month low of $78.17 and a 12-month high of $111.24. The firm has a market capitalization of $23.12 billion, a P/E ratio of 55.81 and a beta of 0.88. The company has a 50-day moving average price of $104.36 and a 200-day moving average price of $100.05.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/10/molson-coors-brewing-co-tap-coverage-initiated-by-analysts-at-goldman-sachs-group-inc.html
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The firm 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%. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.41 EPS. Equities analysts predict that Molson Coors Brewing will post $3.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Monday, August 29th. Molson Coors Brewing’s dividend payout ratio is currently 88.65%.
In other Molson Coors Brewing 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 value of $1,391,000.00. Following the completion of the sale, the chief executive officer now directly owns 29,676 shares of the company’s stock, valued at $3,175,332. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew Thomas Molson sold 1,173 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 6,834 shares of the company’s stock, valued at $679,914.66. The disclosure for this sale can be found here. Insiders own 2.53% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Magnetar Financial LLC acquired a new stake in Molson Coors Brewing during the first quarter valued at $41,026,000. Adage Capital Partners GP L.L.C. boosted 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 boosted 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. Prudential PLC boosted 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. Finally, ING Groep NV purchased a new position in Molson Coors Brewing during the first quarter worth about $407,000. 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.
Receive News & Ratings for Molson Coors Brewing Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Molson Coors Brewing Co. and related companies with MarketBeat.com's FREE daily email newsletter.