CIBC Asset Management Inc lessened its holdings in Molson Coors Brewing Co (NYSE:TAP) by 13.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,549 shares of the company’s stock after selling 4,099 shares during the quarter. CIBC Asset Management Inc’s holdings in Molson Coors Brewing were worth $1,571,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. Cambridge Investment Research Advisors Inc. grew its stake in Molson Coors Brewing by 34.6% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 8,098 shares of the company’s stock valued at $498,000 after acquiring an additional 2,082 shares during the period. Commerce Bank acquired a new stake in Molson Coors Brewing in the 3rd quarter valued at $246,000. Wealth Enhancement Advisory Services LLC grew its stake in Molson Coors Brewing by 9.1% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,821 shares of the company’s stock valued at $998,000 after acquiring an additional 1,404 shares during the period. Private Advisor Group LLC acquired a new stake in Molson Coors Brewing in the 3rd quarter valued at $461,000. Finally, Engineers Gate Manager LP acquired a new stake in Molson Coors Brewing in the 3rd quarter valued at $2,236,000. Institutional investors own 76.76% of the company’s stock.
Shares of TAP stock opened at $64.50 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.49 and a current ratio of 0.64. The firm has a market capitalization of $13.52 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.78 and a beta of 0.56. Molson Coors Brewing Co has a fifty-two week low of $55.52 and a fifty-two week high of $85.86.
Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings data on Wednesday, October 31st. The company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.59 by $0.25. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.92 billion. Molson Coors Brewing had a return on equity of 7.58% and a net margin of 12.05%. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.34 EPS. Sell-side analysts expect that Molson Coors Brewing Co will post 4.97 EPS for the current year.
A number of equities research analysts recently issued reports on TAP shares. Guggenheim started coverage on shares of Molson Coors Brewing in a research note on Thursday, September 13th. They issued a “neutral” rating and a $66.00 price target on the stock. Morgan Stanley lifted their price target on shares of Molson Coors Brewing from $69.00 to $74.00 and gave the company an “equal weight” rating in a research note on Thursday, August 2nd. Susquehanna Bancshares lifted their price target on shares of Molson Coors Brewing from $80.00 to $84.00 and gave the company a “positive” rating in a research note on Thursday, August 2nd. Citigroup dropped their price target on shares of Molson Coors Brewing from $78.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday, November 1st. Finally, ValuEngine raised shares of Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. Molson Coors Brewing currently has a consensus rating of “Hold” and an average target price of $75.36.
In other Molson Coors Brewing news, insider Krishnan Anand sold 2,595 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $61.42, for a total value of $159,384.90. Following the transaction, the insider now owns 49,578 shares in the company, valued at approximately $3,045,080.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 7,785 shares of company stock worth $499,512 in the last 90 days. 2.55% of the stock is currently owned by insiders.
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Molson Coors Brewing Profile
Molson Coors Brewing Company manufactures and sells beer and other beverage products in the United States, Canada, Europe, and internationally. It sells various products under the Coors Light, Miller Lite, Coors Banquet, the Blue Moon Brewing Company brands, the Jacob Leinenkugel Brewing Company brands, Keystone, Icehouse, Mickey's, Miller 64, Miller Genuine Draft, Miller High Life, Milwaukee's Best, Hamm's, Olde English 800, Steel Reserve, Crispin, Smith & Forge, Redd's, the Henry's Hard Soda, and Steel Reserve Alloy Series brands.
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