Molson Coors Brewing Co. (TAP) Stock Price Down 2.4%
Molson Coors Brewing Co. (NYSE:TAP) traded down 2.4% during trading on Thursday . The stock traded as low as $98.60 and last traded at $98.76, with a volume of 2,856,816 shares traded. The stock had previously closed at $101.20.
Several equities research analysts recently commented on the stock. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 price objective on the stock in a research report on Tuesday. Bryan, Garnier & Co upgraded shares of Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. Stifel Nicolaus reiterated a “top pick” rating on shares of Molson Coors Brewing in a research report on Wednesday, July 6th. Finally, Susquehanna reissued a “buy” rating and issued a $130.00 target price on shares of Molson Coors Brewing in a research note on Tuesday, June 7th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $107.44.
The company’s 50-day moving average price is $100.85 and its 200-day moving average price is $94.35. The company has a market capitalization of $21.20 billion and a P/E ratio of 42.96.
Molson Coors Brewing (NYSE:TAP) last released its earnings results on Tuesday, May 3rd. The company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.11. The firm had revenue of $657.20 million for the quarter, compared to the consensus estimate of $627.65 million. The company’s revenue was down 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.56 EPS. On average, analysts forecast that Molson Coors Brewing Co. will post $3.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 16th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.66%.
In related news, CEO Krishnan Anand sold 2,260 shares of the company’s stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $98.00, for a total value of $221,480.00. Following the completion of the sale, the chief executive officer now owns 34,167 shares in the company, valued at $3,348,366. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brenda Davis sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 4th. The shares were sold at an average price of $98.03, for a total value of $294,090.00. Following the completion of the sale, the insider now owns 9,798 shares of the company’s stock, valued at approximately $960,497.94. The disclosure for this sale can be found here.
A number of large investors recently added to or reduced their stakes in TAP. Victory Capital Management Inc. increased its stake in Molson Coors Brewing by 22.6% in the fourth quarter. Victory Capital Management Inc. now owns 29,131 shares of the company’s stock worth $2,736,000 after buying an additional 5,373 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in Molson Coors Brewing by 32.0% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 31,995 shares of the company’s stock worth $3,005,000 after buying an additional 7,754 shares in the last quarter. Cowen Group Inc. bought a new stake in Molson Coors Brewing during the fourth quarter worth approximately $1,310,000. Principal Financial Group Inc. increased its stake in Molson Coors Brewing by 2.2% in the fourth quarter. Principal Financial Group Inc. now owns 226,964 shares of the company’s stock worth $21,316,000 after buying an additional 4,887 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its stake in Molson Coors Brewing by 179.2% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 111,142 shares of the company’s stock worth $10,438,000 after buying an additional 71,339 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.