Mackay Shields LLC Sells 43,602 Shares of Molson Coors Brewing Co (NYSE:TAP)

Mackay Shields LLC cut its holdings in shares of Molson Coors Brewing Co (NYSE:TAP) by 34.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,745 shares of the company’s stock after selling 43,602 shares during the period. Mackay Shields LLC’s holdings in Molson Coors Brewing were worth $4,816,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bridges Investment Management Inc. boosted its position in Molson Coors Brewing by 7.6% in the 2nd quarter. Bridges Investment Management Inc. now owns 6,400 shares of the company’s stock valued at $358,000 after buying an additional 454 shares during the last quarter. Atria Investments LLC acquired a new position in shares of Molson Coors Brewing in the 2nd quarter valued at $1,050,000. GAM Holding AG lifted its stake in shares of Molson Coors Brewing by 1.4% in the 2nd quarter. GAM Holding AG now owns 74,837 shares of the company’s stock valued at $4,191,000 after purchasing an additional 1,056 shares during the period. Capital Investment Advisors LLC lifted its stake in shares of Molson Coors Brewing by 10.0% in the 2nd quarter. Capital Investment Advisors LLC now owns 26,685 shares of the company’s stock valued at $1,494,000 after purchasing an additional 2,436 shares during the period. Finally, Asahi Life Asset Management CO. LTD. acquired a new position in shares of Molson Coors Brewing in the 2nd quarter valued at $317,000. Institutional investors and hedge funds own 76.16% of the company’s stock.

A number of research analysts have recently weighed in on the company. Citigroup set a $60.00 price target on Molson Coors Brewing and gave the company a “buy” rating in a research note on Friday, November 1st. ValuEngine raised Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Redburn Partners reissued a “sell” rating on shares of Molson Coors Brewing in a research note on Friday, October 11th. Bank of America downgraded Molson Coors Brewing from a “buy” rating to an “underperform” rating in a research note on Monday, July 15th. Finally, Berenberg Bank reissued a “hold” rating and issued a $51.00 price target on shares of Molson Coors Brewing in a research note on Friday, November 1st. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $58.64.

In related news, VP Brian Tabolt sold 1,825 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $56.94, for a total transaction of $103,915.50. Following the sale, the vice president now owns 6,218 shares of the company’s stock, valued at approximately $354,052.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.48% of the company’s stock.

Molson Coors Brewing stock traded up $0.28 during mid-day trading on Friday, hitting $53.79. 1,043,371 shares of the company’s stock were exchanged, compared to its average volume of 1,685,607. The firm has a market capitalization of $11.77 billion, a P/E ratio of 10.67, a PEG ratio of 2.11 and a beta of 0.77. Molson Coors Brewing Co has a fifty-two week low of $49.92 and a fifty-two week high of $67.24. The company has a quick ratio of 0.42, a current ratio of 0.59 and a debt-to-equity ratio of 0.60. The company’s 50 day simple moving average is $56.00 and its 200-day simple moving average is $55.78.

Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $1.48 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.02. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.87 billion. Molson Coors Brewing had a return on equity of 6.86% and a net margin of 1.19%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.84 EPS. Research analysts expect that Molson Coors Brewing Co will post 4.3 EPS for the current year.

About Molson Coors Brewing

Molson Coors Brewing Company manufactures, markets, and sells beer and other malt beverage products in the United States, Canada, Europe, and internationally. The company sells various products under the Blue Moon, Coors Banquet, Coors Light, Miller Genuine Draft, Miller Lite, Hamm's, Icehouse, Keystone, Mickey's, Miller64, Miller High Life, Milwaukee's Best, Olde English, Steel Reserve, Grolsch, Hop Valley, Leinenkugel's, Peroni Nastro Azurro, Pilsner Urquell, Revolver, Saint Archer, Sol, Terrapin, Crispin, Smith & Forge, Arnold Palmer Spiked, Henry's Hard, Redd's, and Steel Reserve Alloy Series brands.

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Institutional Ownership by Quarter for Molson Coors Brewing (NYSE:TAP)

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