Molson Coors Brewing Co. (TAP) Shares Down 2.3%
Molson Coors Brewing Co. (NYSE:TAP)’s share price fell 2.3% on Tuesday . The stock traded as low as $98.08 and last traded at $98.81, with a volume of 1,975,118 shares trading hands. The stock had previously closed at $101.17.
Several brokerages have recently weighed in on TAP. Zacks Investment Research lowered shares of Molson Coors Brewing from a “buy” rating to a “hold” rating in a research report on Tuesday. Susquehanna reaffirmed a “buy” rating and set a $130.00 price target on shares of Molson Coors Brewing in a research report on Sunday, July 17th. Bryan, Garnier & Co raised shares of Molson Coors Brewing to a “buy” rating in a research report on Friday, July 8th. Finally, Stifel Nicolaus reaffirmed a “top pick” rating on shares of Molson Coors Brewing in a research report on Wednesday, July 6th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Molson Coors Brewing has a consensus rating of “Buy” and an average price target of $107.44.
The stock has a 50 day moving average price of $100.52 and a 200 day moving average price of $94.78. The stock has a market cap of $21.06 billion and a PE ratio of 42.68.
Molson Coors Brewing (NYSE:TAP) last announced its earnings results on Tuesday, May 3rd. The company reported $0.54 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.11. The company earned $657.20 million during the quarter, compared to analysts’ expectations of $627.65 million. During the same quarter last year, the firm posted $0.56 EPS. Molson Coors Brewing’s revenue for the quarter was down 6.1% compared to the same quarter last year. Analysts predict that Molson Coors Brewing Co. will post $3.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Monday, August 29th.
In other news, insider Brenda Davis sold 3,000 shares of Molson Coors Brewing stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $98.03, for a total value of $294,090.00. Following the completion of the transaction, the insider now owns 9,798 shares in the company, valued at approximately $960,497.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.
A number of institutional investors have bought and sold shares of TAP. Utah Retirement Systems boosted its position in Molson Coors Brewing by 0.8% in the fourth quarter. Utah Retirement Systems now owns 24,803 shares of the company’s stock worth $2,329,000 after buying an additional 200 shares during the last quarter. State of Tennessee Treasury Department boosted its position in Molson Coors Brewing by 37.7% in the fourth quarter. State of Tennessee Treasury Department now owns 171,136 shares of the company’s stock worth $16,073,000 after buying an additional 46,836 shares during the last quarter. Catalyst Capital Advisors LLC boosted its position in Molson Coors Brewing by 520.2% in the fourth quarter. Catalyst Capital Advisors LLC now owns 107,300 shares of the company’s stock worth $10,077,000 after buying an additional 90,000 shares during the last quarter. Trexquant Investment LP acquired a new position in Molson Coors Brewing during the fourth quarter worth about $2,282,000. Finally, WBI Investments Inc. acquired a new position in Molson Coors Brewing during the fourth quarter worth about $22,817,000.
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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