Molson Coors Brewing Co. (TAP) Now Covered by Analysts at Bank of America Corp.
Stock analysts at Bank of America Corp. started coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a research report issued to clients and investors on Monday. The firm set a “buy” rating on the stock.
Several other equities research analysts also recently weighed in on the company. Goldman Sachs Group Inc. began coverage on Molson Coors Brewing in a report on Monday. They set a “buy” rating for the company. Susquehanna reissued a “buy” rating and issued a $130.00 target price on shares of Molson Coors Brewing in a report on Sunday, July 17th. Zacks Investment Research raised Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a report on Tuesday, July 12th. Stifel Nicolaus reissued a “top pick” rating on shares of Molson Coors Brewing in a report on Wednesday, July 6th. Finally, Citigroup Inc. raised Molson Coors Brewing from a “neutral” rating to a “buy” rating and raised their target price for the company from $101.00 to $115.00 in a report on Friday, July 29th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $118.88.
Molson Coors Brewing (NYSE:TAP) opened at 107.65 on Monday. The firm has a market capitalization of $23.12 billion, a PE ratio of 55.81 and a beta of 0.88. The company has a 50 day moving average of $104.36 and a 200 day moving average of $100.05. Molson Coors Brewing has a 1-year low of $78.17 and a 1-year high of $111.24.
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Molson Coors Brewing (NYSE:TAP) last announced its earnings results on Tuesday, August 2nd. The company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.11. The business had revenue of $986.20 million for 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 company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. Analysts forecast that Molson Coors Brewing will post $3.29 EPS for the current year.
The company also recently announced 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 was Monday, August 29th. Molson Coors Brewing’s payout ratio is currently 88.65%.
In other news, CEO Krishnan Anand sold 1,869 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now owns 26,777 shares in the company, valued at approximately $2,731,254. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $116,701.77. Following the sale, the director now owns 6,834 shares of the company’s stock, valued at approximately $679,914.66. The disclosure for this sale can be found here. Insiders own 2.53% of the company’s stock.
Several hedge funds have recently modified their holdings of TAP. Magnetar Financial LLC purchased a new stake in shares of Molson Coors Brewing during the first quarter worth about $41,026,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of 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 stake in shares of 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 stake in shares of 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 stake in shares of Molson Coors Brewing during the first quarter worth about $407,000. Institutional investors and hedge funds 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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