Molson Coors Brewing Company (TAP) Expected to Post Quarterly Sales of $2.98 Billion
Wall Street brokerages expect Molson Coors Brewing Company (NYSE:TAP) to post $2.98 billion in sales for the current quarter, according to Zacks. Two analysts have made estimates for Molson Coors Brewing ‘s earnings, with the lowest sales estimate coming in at $2.96 billion and the highest estimate coming in at $3.01 billion. Molson Coors Brewing reported sales of $947.60 million in the same quarter last year, which indicates a positive year-over-year growth rate of 214.5%. The business is scheduled to issue its next earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Molson Coors Brewing will report full year sales of $2.98 billion for the current year, with estimates ranging from $11.07 billion to $11.19 billion. For the next year, analysts forecast that the company will report sales of $11.29 billion per share, with estimates ranging from $11.27 billion to $11.31 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Molson Coors Brewing .
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($0.38). Molson Coors Brewing had a net margin of 19.78% and a return on equity of 7.41%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. During the same period last year, the company posted $1.11 earnings per share. The business’s revenue was down .6% compared to the same quarter last year.
Several research analysts recently commented on the stock. Susquehanna Bancshares Inc reiterated a “positive” rating and set a $117.00 price objective (up previously from $114.00) on shares of Molson Coors Brewing in a research note on Wednesday, June 7th. Cowen and Company increased their target price on shares of Molson Coors Brewing from $96.00 to $100.00 and gave the company a “market perform” rating in a research report on Friday, June 9th. UBS AG restated a “neutral” rating and issued a $96.00 target price (down from $100.00) on shares of Molson Coors Brewing in a research note on Friday, June 9th. BidaskClub downgraded shares of Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $111.00 price target on shares of Molson Coors Brewing in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Molson Coors Brewing has an average rating of “Hold” and a consensus target price of $107.02.
In related news, CEO Gavin Hattersley sold 17,215 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $91.90, for a total transaction of $1,582,058.50. Following the completion of the transaction, the chief executive officer now directly owns 99,217 shares in the company, valued at $9,118,042.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.76% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TAP. Bessemer Group Inc. lifted its holdings in shares of Molson Coors Brewing by 12.8% in the 2nd quarter. Bessemer Group Inc. now owns 1,230 shares of the company’s stock valued at $106,000 after buying an additional 140 shares during the period. Krilogy Financial LLC boosted its position in Molson Coors Brewing by 4,646.4% in the 2nd quarter. Krilogy Financial LLC now owns 1,329 shares of the company’s stock worth $115,000 after purchasing an additional 1,301 shares in the last quarter. Sun Life Financial INC boosted its position in Molson Coors Brewing by 14,900.0% in the 2nd quarter. Sun Life Financial INC now owns 1,350 shares of the company’s stock worth $117,000 after purchasing an additional 1,341 shares in the last quarter. Penserra Capital Management LLC boosted its position in Molson Coors Brewing by 30.4% in the 2nd quarter. Penserra Capital Management LLC now owns 1,560 shares of the company’s stock worth $134,000 after purchasing an additional 364 shares in the last quarter. Finally, Korea Investment CORP boosted its position in Molson Coors Brewing by 142.0% in the 2nd quarter. Korea Investment CORP now owns 1,750 shares of the company’s stock worth $151,000 after purchasing an additional 1,027 shares in the last quarter. Institutional investors and hedge funds own 78.32% of the company’s stock.
Shares of Molson Coors Brewing (TAP) opened at 81.92 on Wednesday. The firm has a 50 day moving average price of $87.14 and a 200-day moving average price of $90.67. The company has a market cap of $17.64 billion, a price-to-earnings ratio of 8.18 and a beta of 0.88. Molson Coors Brewing has a 12-month low of $80.92 and a 12-month high of $112.19.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Thursday, August 31st were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 2.00%. The ex-dividend date was Tuesday, August 29th. Molson Coors Brewing ‘s dividend payout ratio (DPR) is currently 16.38%.
About Molson Coors Brewing
Molson Coors Brewing Company (MCBC) is a holding company. The Company operates as a brewer. The Company’s segments include MillerCoors LLC (United States segment), operating in the United States; Molson Coors Canada (Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, the United Kingdom and various other European countries; Molson Coors International (Molson Coors International segment), operating in various other countries, and Corporate.
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