Molson Coors Brewing Co. (TAP) Sets New 52-Week High at $104.24
Molson Coors Brewing Co. (NYSE:TAP) hit a new 52-week high on Friday . The company traded as high as $104.24 and last traded at $103.88, with a volume of 482,509 shares traded. The stock had previously closed at $102.47.
TAP has been the subject of a number of analyst reports. Susquehanna restated a “buy” rating and set a $130.00 price objective on shares of Molson Coors Brewing in a research note on Tuesday, June 7th. 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 note on Sunday, June 12th. Zacks Investment Research cut Molson Coors Brewing from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Bryan, Garnier & Co upgraded Molson Coors Brewing to a “buy” rating in a research note on Friday, July 8th. Finally, Citigroup Inc. upgraded Molson Coors Brewing from a “neutral” rating to a “buy” rating and increased their price target for the company from $101.00 to $115.00 in a research note on Friday, July 29th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $113.25.
The stock has a market cap of $22.38 billion and a price-to-earnings ratio of 54.02. The firm’s 50-day moving average price is $100.07 and its 200 day moving average price is $97.11.
Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.11 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.11. During the same period in the previous year, the firm posted $1.41 earnings per share. The firm earned $986.20 million during the quarter, compared to analyst estimates of $970.25 million. The company’s quarterly revenue was down 1.9% compared to the same quarter last year. On average, equities research analysts anticipate that Molson Coors Brewing Co. will post $3.23 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be paid a $0.41 dividend. The ex-dividend date is Monday, August 29th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.57%.
In related news, CEO Krishnan Anand sold 1,869 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $102.00, for a total transaction of $190,638.00. Following the completion of the transaction, the chief executive officer now directly owns 26,777 shares of the company’s stock, valued at approximately $2,731,254. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew Thomas Molson sold 1,173 shares of the business’s stock in a transaction 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 transaction, the director now directly owns 6,834 shares of the company’s stock, valued at $679,914.66. The disclosure for this sale can be found here.
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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