Molson Coors Brewing Co. (TAP) Position Boosted by Tokio Marine Asset Management Co. Ltd.
Tokio Marine Asset Management Co. Ltd. increased its stake in Molson Coors Brewing Co. (NYSE:TAP) by 2.4% during the second quarter, Holdings Channel reports. The firm owned 5,483 shares of the company’s stock after buying an additional 127 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Molson Coors Brewing were worth $554,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Magnetar Financial LLC bought a new stake in shares of Molson Coors Brewing during the first quarter valued at approximately $41,026,000. Adage Capital Partners GP L.L.C. increased its stake in Molson Coors Brewing by 10.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 834,705 shares of the company’s stock worth $80,282,000 after buying an additional 79,300 shares during the period. Renaissance Technologies LLC increased its stake in Molson Coors Brewing by 16.7% in the first quarter. Renaissance Technologies LLC now owns 619,900 shares of the company’s stock worth $59,622,000 after buying an additional 88,900 shares during the period. Prudential PLC increased its stake in Molson Coors Brewing by 3.2% in the first quarter. Prudential PLC now owns 76,940 shares of the company’s stock worth $7,400,000 after buying an additional 2,378 shares during the period. Finally, ING Groep NV acquired a new stake in Molson Coors Brewing during the first quarter worth about $407,000. Hedge funds and other institutional investors own 77.65% of the company’s stock.
Molson Coors Brewing Co. (NYSE:TAP) traded down 0.07% during trading on Friday, reaching $107.65. 1,207,615 shares of the company’s stock were exchanged. Molson Coors Brewing Co. has a 12 month low of $78.17 and a 12 month high of $111.24. The firm’s 50-day moving average price is $104.36 and its 200-day moving average price is $100.05. The firm has a market cap of $23.12 billion, a price-to-earnings ratio of 55.81 and a beta of 0.88.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.11. The firm had revenue of $986.20 million for the quarter, compared to analysts’ expectations of $970.25 million. Molson Coors Brewing had a return on equity of 8.21% and a net margin of 7.54%. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.41 EPS. On average, equities research analysts anticipate that Molson Coors Brewing Co. will post $3.29 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders 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 dividend yield of 1.52%. The ex-dividend date was Monday, August 29th. Molson Coors Brewing’s payout ratio is 88.65%.
A number of analysts have recently issued reports on TAP shares. Stifel Nicolaus reiterated a “buy” rating and issued a $134.00 price objective (up from $119.00) on shares of Molson Coors Brewing in a report on Sunday, June 12th. Zacks Investment Research downgraded shares of Molson Coors Brewing from a “buy” rating to a “hold” rating in a report on Tuesday, July 26th. Susquehanna reiterated a “buy” rating on shares of Molson Coors Brewing in a report on Monday, August 8th. Citigroup Inc. lifted their price objective on shares of Molson Coors Brewing from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, September 19th. Finally, Bryan, Garnier & Co upgraded shares of Molson Coors Brewing to a “buy” rating in a report on Friday, July 8th. One analyst has rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Molson Coors Brewing currently has an average rating of “Buy” and an average target price of $118.88.
In other Molson Coors Brewing news, CEO Krishnan Anand sold 13,000 shares of the stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $110.64, for a total transaction of $1,438,320.00. Following the transaction, the chief executive officer now directly owns 35,705 shares in the company, valued at approximately $3,950,401.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew Thomas Molson sold 1,173 shares of the stock in a transaction that occurred 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 owns 6,834 shares in the company, valued at $679,914.66. The disclosure for this sale can be found here. Company insiders own 2.53% of the company’s stock.
About Molson Coors Brewing
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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