Investors Buy Shares of Molson Coors Brewing Co. (TAP) on Weakness
Traders purchased shares of Molson Coors Brewing Co. (NYSE:TAP) on weakness during trading hours on Wednesday. $421.85 million flowed into the stock on the tick-up and $384.87 million flowed out of the stock on the tick-down, for a money net flow of $36.98 million into the stock. Of all companies tracked, Molson Coors Brewing had the 4th highest net in-flow for the day. Molson Coors Brewing traded down ($4.98) for the day and closed at $93.13
A number of brokerages have recently issued reports on TAP. Susquehanna reaffirmed a “buy” rating and issued a $130.00 price target on shares of Molson Coors Brewing in a research note on Sunday, July 17th. Zacks Investment Research upgraded Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Wednesday, May 4th. Stifel Nicolaus lifted their price objective on Molson Coors Brewing from $115.00 to $119.00 and gave the stock a “buy” rating in a research report on Wednesday, May 4th. Bryan, Garnier & Co upgraded Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. Finally, Citigroup Inc. started coverage on Molson Coors Brewing in a research report on Friday, April 8th. They set a “neutral” rating and a $97.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Molson Coors Brewing presently has a consensus rating of “Buy” and a consensus price target of $107.44.
The stock has a market cap of $19.99 billion and a PE ratio of 40.51. The stock’s 50 day moving average is $100.28 and its 200-day moving average is $94.77.
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, topping analysts’ consensus estimates of $0.43 by $0.11. During the same quarter in the prior year, the company earned $0.56 EPS. The firm earned $657.20 million during the quarter, compared to analyst estimates of $627.65 million. The business’s revenue was down 6.1% on a year-over-year basis. Analysts forecast 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. Investors of record on Wednesday, August 31st will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Monday, August 29th.
In related news, insider Brenda Davis sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $98.03, for a total value of $294,090.00. Following the sale, the insider now owns 9,798 shares in the company, valued at approximately $960,497.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
A number of large investors recently made changes to their positions in TAP. Utah Retirement Systems boosted its stake in shares of Molson Coors Brewing by 0.8% in the fourth quarter. Utah Retirement Systems now owns 24,803 shares of the company’s stock worth $2,329,000 after buying an additional 200 shares during the period. Advantus Capital Management Inc boosted its stake in shares of Molson Coors Brewing by 2.7% in the fourth quarter. Advantus Capital Management Inc now owns 15,233 shares of the company’s stock worth $1,431,000 after buying an additional 399 shares during the period. GAM Holding AG boosted its stake 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 during the period. PNC Financial Services Group Inc. boosted its stake 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 during the period. Finally, Principal Financial Group Inc. boosted 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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