Traders Buy Shares of Molson Coors Brewing Co. (TAP) on Weakness
Investors purchased shares of Molson Coors Brewing Co. (NYSE:TAP) on weakness during trading on Monday. $66.80 million flowed into the stock on the tick-up and $15.91 million flowed out of the stock on the tick-down, for a money net flow of $50.89 million into the stock. Of all stocks tracked, Molson Coors Brewing had the 9th highest net in-flow for the day. Molson Coors Brewing traded down ($0.50) for the day and closed at $101.17
A number of brokerages have issued reports on TAP. Susquehanna reiterated a “buy” rating and set a $126.00 price objective on shares of Molson Coors Brewing in a research note on Tuesday, May 3rd. Stifel Nicolaus increased their price objective on shares of Molson Coors Brewing from $115.00 to $119.00 and gave the stock a “buy” rating in a research note on Wednesday, May 4th. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research note on Wednesday, May 4th. Finally, Citigroup Inc. began coverage on shares of Molson Coors Brewing in a research note on Friday, April 8th. They set a “neutral” rating and a $97.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $107.44.
The stock’s 50-day moving average price is $100.66 and its 200 day moving average price is $94.72. The firm has a market capitalization of $21.72 billion and a price-to-earnings ratio of 44.01.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.11. During the same quarter in the previous year, the firm earned $0.56 EPS. The business had revenue of $657.20 million for the quarter, compared to analysts’ expectations of $627.65 million. Molson Coors Brewing’s revenue was down 6.1% compared to the same quarter last year. Equities research analysts expect that Molson Coors Brewing Co. will post $3.25 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 31st will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Monday, August 29th.
In related news, insider Brenda Davis sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 4th. The stock was sold at an average price of $98.03, for a total transaction of $294,090.00. Following the completion of the transaction, the insider now owns 9,798 shares in the company, valued at approximately $960,497.94. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
A number of large investors have recently modified their holdings of TAP. Vanguard Group Inc. raised its stake in shares of Molson Coors Brewing by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 12,841,937 shares of the company’s stock worth $1,206,114,000 after buying an additional 385,470 shares during the period. Eaton Vance Management raised its stake in shares of Molson Coors Brewing by 38.5% in the fourth quarter. Eaton Vance Management now owns 904,323 shares of the company’s stock worth $84,934,000 after buying an additional 251,399 shares during the period. Zweig DiMenna Associates LLC raised its stake in shares of Molson Coors Brewing by 164.7% in the fourth quarter. Zweig DiMenna Associates LLC now owns 434,795 shares of the company’s stock worth $40,836,000 after buying an additional 270,545 shares during the period. WBI Investments Inc. purchased a new stake in shares of Molson Coors Brewing during the fourth quarter worth $22,817,000. Finally, Principal Financial Group Inc. raised its stake in shares of Molson Coors Brewing by 2.2% in the fourth quarter. Principal Financial Group Inc. now owns 226,964 shares of the company’s stock worth $21,316,000 after buying an additional 4,887 shares during the period.
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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