Molson Coors Brewing Co. (TAP) Shares Gap Up to $97.75
Molson Coors Brewing Co. (NYSE:TAP) gapped up prior to trading on Friday . The stock had previously closed at $97.23, but opened at $97.75. Molson Coors Brewing shares last traded at $102.17, with a volume of 8,642,196 shares.
A number of equities research analysts have recently commented on TAP shares. Zacks Investment Research raised Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $108.00 target price on the stock in a research note on Tuesday, April 19th. Stifel Nicolaus reissued a “buy” rating and issued a $134.00 target price (up from $119.00) on shares of Molson Coors Brewing in a research note on Sunday, June 12th. Susquehanna reaffirmed a “buy” rating and set a $130.00 price target on shares of Molson Coors Brewing in a report on Tuesday, June 7th. Bryan, Garnier & Co raised Molson Coors Brewing to a “buy” rating in a report on Friday, July 8th. Finally, Citigroup Inc. raised Molson Coors Brewing from a “neutral” rating to a “buy” rating and upped their price target for the company from $101.00 to $115.00 in a report on Friday. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Molson Coors Brewing has an average rating of “Buy” and an average price target of $109.44.
The stock has a market cap of $21.93 billion and a P/E ratio of 44.44. The firm’s 50-day moving average price is $100.07 and its 200-day moving average price is $94.89.
Molson Coors Brewing (NYSE:TAP) last issued its earnings results on Tuesday, May 3rd. The company reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.11. During the same period last year, the firm earned $0.56 earnings per share. The firm had revenue of $657.20 million for the quarter, compared to the consensus estimate of $627.65 million. The company’s revenue for the quarter was down 6.1% on a year-over-year basis. On average, analysts forecast that Molson Coors Brewing Co. will post $3.25 EPS for the current year.
The business also recently declared 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. The ex-dividend date of this dividend is Monday, August 29th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.61%.
In other news, insider Brenda Davis sold 3,000 shares of Molson Coors Brewing stock in a transaction 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 transaction, the insider now directly owns 9,798 shares in the company, valued at approximately $960,497.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Several hedge funds and institutional investors recently made changes to their positions in the stock. Utah Retirement Systems increased its position in shares of 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 in the last quarter. Advantus Capital Management Inc increased its position 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. GAM Holding AG increased its position 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. Principal Financial Group Inc. increased its position in shares of 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, Victory Capital Management Inc. increased its position in shares of 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.
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.