Narwhal Capital Management Sells 8,180 Shares of Molson Coors Brewing Co. (TAP)
Narwhal Capital Management decreased its stake in shares of Molson Coors Brewing Co. (NYSE:TAP) by 22.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,565 shares of the company’s stock after selling 8,180 shares during the period. Narwhal Capital Management’s holdings in Molson Coors Brewing were worth $2,788,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Park Avenue Institutional Advisers LLC increased its stake in shares of Molson Coors Brewing by 12.0% in the first quarter. Park Avenue Institutional Advisers LLC now owns 1,144 shares of the company’s stock valued at $110,000 after buying an additional 123 shares during the last quarter. Parametrica Management Ltd acquired a new stake in shares of Molson Coors Brewing during the second quarter valued at $203,000. Perkins Capital Management Inc. acquired a new stake in shares of Molson Coors Brewing during the second quarter valued at $288,000. Virginia Retirement System acquired a new stake in shares of Molson Coors Brewing during the first quarter valued at $290,000. Finally, Capital One National Association increased its stake in shares of Molson Coors Brewing by 3.3% in the second quarter. Capital One National Association now owns 2,912 shares of the company’s stock valued at $294,000 after buying an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 77.65% of the company’s stock.
Shares of Molson Coors Brewing Co. (NYSE:TAP) traded up 2.89% during trading on Wednesday, hitting $105.15. The stock had a trading volume of 2,079,603 shares. The stock has a market capitalization of $22.58 billion, a P/E ratio of 54.51 and a beta of 0.94. Molson Coors Brewing Co. has a 12-month low of $78.17 and a 12-month high of $107.55. The stock’s 50-day moving average is $101.37 and its 200-day moving average is $98.71.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. Molson Coors Brewing had a return on equity of 8.21% and a net margin of 7.54%. The business earned $986.20 million during the quarter, compared to analysts’ expectations of $970.25 million. During the same quarter last year, the company posted $1.41 earnings per share. Molson Coors Brewing’s quarterly revenue was down 1.9% on a year-over-year basis. Analysts predict that Molson Coors Brewing Co. will post $3.27 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 31st were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Monday, August 29th. Molson Coors Brewing’s payout ratio is currently 88.65%.
TAP has been the subject of several recent analyst reports. Susquehanna restated a “buy” rating and set a $130.00 target price on shares of Molson Coors Brewing in a research note on Sunday, July 17th. Zacks Investment Research raised Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 price target for the company in a report on Tuesday, July 12th. Bryan, Garnier & Co raised Molson Coors Brewing to a “buy” rating in a report on Friday, July 8th. Citigroup Inc. upped 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. Finally, Stifel Nicolaus upped their price target on Molson Coors Brewing from $136.00 to $139.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Molson Coors Brewing currently has a consensus rating of “Buy” and an average target price of $117.50.
In other news, 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 transaction of $116,701.77. Following the completion of the sale, the director now owns 6,834 shares in the company, valued at $679,914.66. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 owns 29,676 shares of the company’s stock, valued at approximately $3,175,332. The disclosure for this sale can be found here. Corporate insiders own 2.53% of the company’s stock.
Molson Coors Brewing Company Profile
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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