Molson Coors Brewing Co. (TAP) Sees Strong Trading Volume
Molson Coors Brewing Co. (NYSE:TAP) saw unusually-strong trading volume on Wednesday . Approximately 11,437,867 shares were traded during mid-day trading, an increase of 355% from the previous session’s volume of 2,512,657 shares.The stock last traded at $94.19 and had previously closed at $98.11.
Several equities analysts have recently weighed in on TAP shares. Stifel Nicolaus reiterated a “buy” rating and issued a $134.00 price target (up from $119.00) on shares of Molson Coors Brewing in a research report on Sunday, June 12th. Zacks Investment Research cut Molson Coors Brewing from a “buy” rating to a “hold” rating in a research report on Tuesday. Bryan, Garnier & Co upgraded Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. Finally, Susquehanna reiterated a “buy” rating and issued a $130.00 price target on shares of Molson Coors Brewing in a research report on Tuesday, June 7th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $107.44.
The stock has a 50-day moving average price of $100.28 and a 200-day moving average price of $94.77. The stock has a market capitalization of $19.99 billion and a PE ratio of 40.51.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings results on Tuesday, May 3rd. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.11. The firm had revenue of $657.20 million for the quarter, compared to the consensus estimate of $627.65 million. Molson Coors Brewing’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.56 earnings per share. On average, equities analysts anticipate that Molson Coors Brewing Co. will post $3.25 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be issued a dividend of $0.41 per share. The ex-dividend date is Monday, August 29th. This represents a $1.64 annualized dividend and a dividend yield of 1.76%.
In other news, insider Brenda Davis sold 3,000 shares of the 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 transaction, the insider now directly owns 9,798 shares of the company’s stock, valued at approximately $960,497.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
Other institutional investors recently made changes to their positions in the company. PNC Financial Services Group Inc. boosted its position in shares of Molson Coors Brewing by 2.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 23,264 shares of the company’s stock worth $2,184,000 after buying an additional 537 shares in the last quarter. GAM Holding AG boosted its position in shares of Molson Coors Brewing by 2.4% in the fourth quarter. GAM Holding AG now owns 18,984 shares of the company’s stock worth $1,783,000 after buying an additional 445 shares in the last quarter. BP PLC bought a new position in shares of Molson Coors Brewing during the fourth quarter worth approximately $1,503,000. Cornerstone Capital Management Holdings LLC. boosted its position in shares of Molson Coors Brewing by 179.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 111,142 shares of the company’s stock worth $10,438,000 after buying an additional 71,339 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position 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 in the last quarter.
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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