Goldman Sachs Group Inc. began coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a research report report published on Monday. The brokerage issued a buy rating and a $130.00 price objective on the stock.
A number of other brokerages also recently weighed in on TAP. Zacks Investment Research raised Molson Coors Brewing from a hold rating to a strong-buy rating and set a $125.00 price target on the stock in a research report on Tuesday, October 4th. Stifel Nicolaus restated a buy rating and set a $134.00 price objective (up previously from $119.00) on shares of Molson Coors Brewing in a report on Sunday, June 12th. Citigroup Inc. boosted their price objective on Molson Coors Brewing from $115.00 to $120.00 and gave the stock a buy rating in a report on Monday, September 19th. Susquehanna boosted their price objective on Molson Coors Brewing from $129.00 to $159.00 and gave the stock a positive rating in a report on Wednesday, September 21st. Finally, Bryan, Garnier & Co upgraded Molson Coors Brewing to a buy rating in a report on Friday, July 8th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Molson Coors Brewing has a consensus rating of Buy and a consensus price target of $122.10.
Shares of Molson Coors Brewing (NYSE:TAP) opened at 110.25 on Monday. Molson Coors Brewing has a one year low of $80.78 and a one year high of $111.24. The stock has a market capitalization of $23.68 billion, a P/E ratio of 57.15 and a beta of 0.88. The stock’s 50 day moving average price is $105.23 and its 200 day moving average price is $100.36.
Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. The firm had revenue of $986.20 million for the quarter, compared to the consensus estimate of $970.25 million. Molson Coors Brewing had a return on equity of 8.21% and a net margin of 7.54%. The business’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.41 earnings per share. On average, analysts forecast that Molson Coors Brewing will post $3.29 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Monday, August 29th. Molson Coors Brewing’s dividend payout ratio (DPR) is currently 88.65%.
In other Molson Coors Brewing news, Director Andrew Thomas Molson sold 1,173 shares of the company’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $99.49, for a total transaction of $116,701.77. Following the completion of the sale, the director now directly owns 6,834 shares in the company, valued at $679,914.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Krishnan Anand sold 13,000 shares of the company’s stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $107.00, for a total value of $1,391,000.00. Following the sale, the chief executive officer now owns 29,676 shares of the company’s stock, valued at $3,175,332. The disclosure for this sale can be found here. 2.53% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Magnetar Financial LLC acquired a new stake in Molson Coors Brewing during the first quarter valued at $41,026,000. Adage Capital Partners GP L.L.C. boosted its stake in 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 stake in 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 stake in 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 acquired a new stake in Molson Coors Brewing during the first quarter valued at $407,000. Hedge funds and other institutional investors own 77.65% of the company’s stock.
About Molson Coors Brewing
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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