Molson Coors Brewing (TAP) Downgraded by Zacks Investment Research to “Hold”
Molson Coors Brewing (NYSE:TAP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Molson Coors is focusing on expanding above-premium beer brands portfolio to help strengthen market share. Molson Coors has also been focusing on gaining share in the premium light segment in the U.S. through Coors Light and Miller Lite brands, since the past many quarters. The company is also expanding global footprint through acquisitions and agreements. Further, Molson Coors has undertaken several restructuring initiatives to reduce overhead costs and boost profitability. These initiatives have led to considerable cost savings, including the synergies from MillerCoors. However, the company’s performance in the in the United States and Canada have remained dismal owing to industry challenges. As a result shares of the company have declined in the past six months, thereby underperforming the industry. Headwinds in the North American region also pulled down the company’s third-quarter 2017 results.”
Several other research firms have also issued reports on TAP. Deutsche Bank initiated coverage on Molson Coors Brewing in a research note on Wednesday, December 13th. They set a “buy” rating and a $89.00 price objective for the company. Cowen reiterated a “hold” rating and set a $96.00 price objective on shares of Molson Coors Brewing in a research note on Thursday, September 28th. Susquehanna Bancshares reiterated a “buy” rating on shares of Molson Coors Brewing in a research note on Wednesday, October 11th. Berenberg Bank reiterated a “sell” rating and set a $76.00 price objective on shares of Molson Coors Brewing in a research note on Friday, November 3rd. Finally, Barclays initiated coverage on Molson Coors Brewing in a research note on Wednesday. They set an “overweight” rating and a $94.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $96.94.
Molson Coors Brewing (NYSE:TAP) last issued its earnings results on Wednesday, November 1st. The company reported $1.34 EPS for the quarter, hitting the consensus estimate of $1.34. Molson Coors Brewing had a return on equity of 7.54% and a net margin of 17.04%. The firm had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period last year, the business earned $1.03 earnings per share. Molson Coors Brewing’s quarterly revenue was up 204.3% compared to the same quarter last year. research analysts anticipate that Molson Coors Brewing will post 4.35 EPS for the current fiscal year.
In other news, CFO Tracey Joubert sold 1,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $79.15, for a total value of $79,150.00. Following the completion of the sale, the chief financial officer now directly owns 22,839 shares in the company, valued at $1,807,706.85. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 2.76% of the company’s stock.
Several large investors have recently made changes to their positions in TAP. Maverick Capital Ltd. acquired a new stake in shares of Molson Coors Brewing in the second quarter valued at $438,738,000. Lazard Asset Management LLC increased its stake in shares of Molson Coors Brewing by 33.0% in the second quarter. Lazard Asset Management LLC now owns 10,538,919 shares of the company’s stock valued at $909,928,000 after buying an additional 2,616,561 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in shares of Molson Coors Brewing by 852.1% in the third quarter. Epoch Investment Partners Inc. now owns 2,428,882 shares of the company’s stock valued at $198,294,000 after buying an additional 2,173,761 shares in the last quarter. TD Asset Management Inc. increased its stake in shares of Molson Coors Brewing by 1,749.8% in the third quarter. TD Asset Management Inc. now owns 1,262,242 shares of the company’s stock valued at $103,049,000 after buying an additional 1,194,006 shares in the last quarter. Finally, Independent Franchise Partners LLP increased its stake in shares of Molson Coors Brewing by 19.8% in the third quarter. Independent Franchise Partners LLP now owns 6,161,014 shares of the company’s stock valued at $502,985,000 after buying an additional 1,017,035 shares in the last quarter. Institutional investors own 77.67% of the company’s stock.
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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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