Bank of America Corp. assumed coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a research report report published on Monday. The firm issued a buy rating and a $140.00 price target on the stock.
Other research analysts also recently issued research reports about the company. Stifel Nicolaus reiterated a buy rating and issued a $134.00 price objective (up previously from $119.00) on shares of Molson Coors Brewing in a report on Sunday, June 12th. Susquehanna reiterated a buy rating and issued a $130.00 price objective on shares of Molson Coors Brewing in a report on Sunday, July 17th. Zacks Investment Research upgraded Molson Coors Brewing from a hold rating to a buy rating and set a $114.00 price objective on the stock in a report on Tuesday, July 12th. Bryan, Garnier & Co upgraded Molson Coors Brewing to a buy rating in a report on Friday, July 8th. Finally, Citigroup Inc. boosted their price target on Molson Coors Brewing from $115.00 to $120.00 and gave the company a buy rating in a report on Monday, September 19th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $122.10.
Shares of Molson Coors Brewing (NYSE:TAP) opened at 110.25 on Monday. The company has a market cap of $23.68 billion, a price-to-earnings ratio of 57.15 and a beta of 0.88. Molson Coors Brewing has a 12 month low of $80.78 and a 12 month high of $111.24. The company’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 released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate 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 company’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 earnings per share. On average, equities analysts expect that Molson Coors Brewing will post $3.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.41 per share. The ex-dividend date was Monday, August 29th. This represents a $1.64 annualized dividend and a yield of 1.49%. Molson Coors Brewing’s payout ratio is 88.65%.
In other news, CEO Krishnan Anand sold 13,000 shares of the business’s stock in a transaction that occurred 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 directly owns 29,676 shares of the company’s stock, valued at approximately $3,175,332. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Andrew Thomas Molson sold 1,173 shares of the business’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $99.49, for a total value 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 disclosure for this sale can be found here. Company insiders own 2.53% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Molson Coors Brewing by 3.2% in the second quarter. Vanguard Group Inc. now owns 15,800,460 shares of the company’s stock worth $1,597,901,000 after buying an additional 494,251 shares in the last quarter. State Street Corp boosted its stake in shares of Molson Coors Brewing by 19.9% in the first quarter. State Street Corp now owns 7,526,410 shares of the company’s stock worth $723,884,000 after buying an additional 1,247,903 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Molson Coors Brewing by 535.6% in the first quarter. Wellington Management Group LLP now owns 7,090,526 shares of the company’s stock worth $681,965,000 after buying an additional 5,975,046 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of Molson Coors Brewing by 174.4% in the first quarter. Lazard Asset Management LLC now owns 6,543,563 shares of the company’s stock worth $629,357,000 after buying an additional 4,158,485 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Molson Coors Brewing by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,529,768 shares of the company’s stock worth $458,095,000 after buying an additional 33,754 shares in the last quarter. 77.65% of the stock is currently owned by hedge funds and other institutional investors.
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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