Molson Coors Brewing Co. (TAP) Sees Strong Trading Volume
Molson Coors Brewing Co. (NYSE:TAP) saw unusually-strong trading volume on Friday . Approximately 1,582,479 shares were traded during trading, a decline of 7% from the previous session’s volume of 1,709,494 shares.The stock last traded at $98.37 and had previously closed at $98.76.
Several research firms recently issued reports on TAP. Citigroup Inc. began coverage on Molson Coors Brewing in a research report on Friday, April 8th. They issued a “neutral” rating and a $97.00 price objective on the stock. Zacks Investment Research raised Molson Coors Brewing from a “strong sell” rating to a “hold” rating in a research report on Monday, April 4th. Susquehanna reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Molson Coors Brewing in a research report on Tuesday, June 7th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $134.00 price objective (up from $119.00) on shares of Molson Coors Brewing in a research report on Sunday, June 12th. Finally, Bryan, Garnier & Co raised Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Molson Coors Brewing has a consensus rating of “Buy” and an average target price of $107.44.
The company has a market cap of $21.15 billion and a P/E ratio of 42.86. The company has a 50-day moving average price of $100.85 and a 200 day moving average price of $94.35.
Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings data on Tuesday, May 3rd. The company reported $0.54 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.11. The business had revenue of $657.20 million for the quarter, compared to analysts’ expectations of $627.65 million. The business’s quarterly revenue was down 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.56 earnings per share. Equities analysts anticipate that Molson Coors Brewing Co. will post $3.27 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 16th. Shareholders of record on Monday, June 6th were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 1.66%. The ex-dividend date was Thursday, June 2nd.
In other Molson Coors Brewing news, insider Brenda Davis sold 3,000 shares of Molson Coors Brewing stock in a transaction on Wednesday, May 4th. The shares were sold at an average price of $98.03, for a total value of $294,090.00. Following the transaction, the insider now directly owns 9,798 shares of the company’s stock, valued at $960,497.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Krishnan Anand sold 2,260 shares of Molson Coors Brewing stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 34,167 shares in the company, valued at $3,348,366. The disclosure for this sale can be found here.
A number of institutional investors have recently added to or reduced their stakes in the company. Cowen Group Inc. purchased a new position in Molson Coors Brewing during the fourth quarter valued at about $1,310,000. Advantus Capital Management Inc raised its position in Molson Coors Brewing by 2.7% in the fourth quarter. Advantus Capital Management Inc now owns 15,233 shares of the company’s stock valued at $1,431,000 after buying an additional 399 shares in the last quarter. BP PLC purchased a new position in Molson Coors Brewing during the fourth quarter valued at about $1,503,000. Commerzbank Aktiengesellschaft FI raised its position in Molson Coors Brewing by 74.9% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 16,881 shares of the company’s stock valued at $1,585,000 after buying an additional 7,229 shares in the last quarter. Finally, GAM Holding AG raised its position in Molson Coors Brewing by 2.4% in the fourth quarter. GAM Holding AG now owns 18,984 shares of the company’s stock valued at $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.