Molson Coors Brewing Co. (TAP) Now Covered by Analysts at Bank of America Corp.
Bank of America Corp. initiated coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a report released on Monday. The firm set a “buy” rating on the stock.
Other equities research analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “hold” rating to a “strong-buy” rating and set a $125.00 price target for the company in a report on Tuesday, October 4th. Goldman Sachs Group Inc. assumed coverage on shares of Molson Coors Brewing in a research report on Monday. They issued a “buy” rating for the company. Stifel Nicolaus reissued 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. Citigroup Inc. increased their price target on shares of Molson Coors Brewing from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, September 19th. Finally, Susquehanna raised their price objective on shares of Molson Coors Brewing from $129.00 to $159.00 and gave the stock a “positive” rating in a report on Wednesday, September 21st. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $118.88.
Shares of Molson Coors Brewing (NYSE:TAP) opened at 107.65 on Monday. The stock has a market capitalization of $23.12 billion, a price-to-earnings ratio of 55.81 and a beta of 0.88. Molson Coors Brewing has a 12 month low of $78.17 and a 12 month high of $111.24. The stock’s 50 day moving average price is $104.36 and its 200-day moving average price is $100.05.
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Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. Molson Coors Brewing had a net margin of 7.54% and a return on equity of 8.21%. The business had revenue of $986.20 million for the quarter, compared to analysts’ expectations of $970.25 million. During the same period in the previous year, the company posted $1.41 EPS. Molson Coors Brewing’s revenue was down 1.9% on a year-over-year basis. Equities analysts forecast that Molson Coors Brewing will post $3.29 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were given a $0.41 dividend. 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 (DPR) is presently 88.65%.
In related news, CEO Krishnan Anand sold 1,869 shares of Molson Coors Brewing stock in a transaction dated Friday, July 29th. The shares were 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 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 accessible through this link. Also, Director Andrew Thomas Molson sold 1,173 shares of Molson Coors Brewing 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 sale, 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. 2.53% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in TAP. Magnetar Financial LLC acquired a new stake in Molson Coors Brewing during the first quarter worth about $41,026,000. Adage Capital Partners GP L.L.C. boosted its position 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 valued at $80,282,000 after buying an additional 79,300 shares during the last quarter. Renaissance Technologies LLC boosted its position 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 valued at $59,622,000 after buying an additional 88,900 shares during the last quarter. Prudential PLC boosted its position 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 valued at $7,400,000 after buying an additional 2,378 shares during the last quarter. Finally, ING Groep NV purchased a new position in shares of Molson Coors Brewing during the first quarter valued at approximately $407,000. 77.65% of the stock is owned by institutional investors and hedge funds.
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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