Investors Buy Shares of Molson Coors Brewing Co. (TAP) on Weakness
Traders bought shares of Molson Coors Brewing Co. (NYSE:TAP) on weakness during trading hours on Wednesday. $62.37 million flowed into the stock on the tick-up and $23.21 million flowed out of the stock on the tick-down, for a money net flow of $39.16 million into the stock. Of all stocks tracked, Molson Coors Brewing had the 13th highest net in-flow for the day. Molson Coors Brewing traded down ($0.20) for the day and closed at $101.20
Several brokerages recently issued reports on TAP. Zacks Investment Research upgraded Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a report on Tuesday. Bryan, Garnier & Co upgraded Molson Coors Brewing to a “buy” rating in a report on Friday, July 8th. Stifel Nicolaus reiterated a “top pick” rating on shares of Molson Coors Brewing in a report on Wednesday, July 6th. Finally, Susquehanna reiterated a “buy” rating and set a $130.00 price objective on shares of Molson Coors Brewing in a report on Tuesday, June 7th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Molson Coors Brewing has an average rating of “Buy” and a consensus target price of $107.44.
The firm has a market cap of $21.73 billion and a price-to-earnings ratio of 44.02. The company has a 50-day moving average price of $100.87 and a 200-day moving average price of $94.32.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings results on Tuesday, May 3rd. The company reported $0.54 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.11. The firm had revenue of $657.20 million for the quarter, compared to analyst estimates of $627.65 million. The business’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.56 EPS. Equities research analysts predict that Molson Coors Brewing Co. will post $3.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 16th. Investors of record on Monday, June 6th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Thursday, June 2nd. This represents a $1.64 annualized dividend and a dividend yield of 1.62%.
In related news, insider Brenda Davis sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $98.03, for a total transaction 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Krishnan Anand sold 2,260 shares of the stock in a transaction that occurred on Tuesday, April 19th. The stock was sold at an average price of $98.00, for a total transaction of $221,480.00. Following the sale, the chief executive officer now owns 34,167 shares in the company, valued at approximately $3,348,366. The disclosure for this sale can be found here.
A number of hedge funds recently modified their holdings of the stock. Cowen Group Inc. bought a new stake in shares of Molson Coors Brewing during the fourth quarter worth $1,310,000. Advantus Capital Management Inc raised 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 in the last quarter. BP PLC bought a new stake in shares of Molson Coors Brewing during the fourth quarter worth $1,503,000. Commerzbank Aktiengesellschaft FI raised its stake in shares of Molson Coors Brewing by 74.9% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 16,881 shares of the company’s stock worth $1,585,000 after buying an additional 7,229 shares in the last quarter. Finally, GAM Holding AG raised 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 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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