First Manhattan Co. lowered its stake in Molson Coors Brewing Company (NYSE:TAP) by 89.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,705 shares of the company’s stock after selling 13,930 shares during the period. First Manhattan Co.’s holdings in Molson Coors Brewing were worth $147,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Bessemer Group Inc. raised its position in shares of Molson Coors Brewing by 12.8% in the second quarter. Bessemer Group Inc. now owns 1,230 shares of the company’s stock valued at $106,000 after buying an additional 140 shares in the last quarter. Accuvest Global Advisors raised its position in shares of Molson Coors Brewing by 23.8% in the second quarter. Accuvest Global Advisors now owns 5,854 shares of the company’s stock valued at $505,000 after buying an additional 1,124 shares in the last quarter. Cambiar Investors LLC bought a new position in shares of Molson Coors Brewing during the second quarter valued at $39,068,000. CAPROCK Group Inc. bought a new position in shares of Molson Coors Brewing during the second quarter valued at $320,000. Finally, Palouse Capital Management Inc. bought a new position in shares of Molson Coors Brewing during the second quarter valued at $2,008,000. 79.50% of the stock is owned by institutional investors.

Molson Coors Brewing Company (NYSE:TAP) opened at 90.40 on Friday. The company has a market capitalization of $19.46 billion, a P/E ratio of 9.03 and a beta of 0.91. Molson Coors Brewing Company has a 52-week low of $85.34 and a 52-week high of $112.19. The stock has a 50 day moving average of $88.12 and a 200-day moving average of $93.49.

Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $1.66 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.04 by $0.38. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.10 billion. Molson Coors Brewing had a net margin of 19.78% and a return on equity of 7.41%. The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same period last year, the firm earned $1.11 EPS. On average, equities analysts forecast that Molson Coors Brewing Company will post $4.31 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 1.81%. The ex-dividend date is Tuesday, August 29th. Molson Coors Brewing ‘s dividend payout ratio (DPR) is presently 16.38%.

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Several research analysts have weighed in on the stock. UBS AG reissued a “neutral” rating and set a $98.00 price objective (up from $96.00) on shares of Molson Coors Brewing in a report on Wednesday. Zacks Investment Research lowered shares of Molson Coors Brewing from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 8th. Credit Suisse Group set a $96.00 price objective on shares of Molson Coors Brewing and gave the stock a “hold” rating in a report on Thursday, August 3rd. Susquehanna Bancshares Inc reissued a “buy” rating on shares of Molson Coors Brewing in a report on Wednesday, August 2nd. Finally, Cowen and Company reissued a “hold” rating and set a $96.00 price objective on shares of Molson Coors Brewing in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Molson Coors Brewing has an average rating of “Hold” and a consensus target price of $111.60.

In other Molson Coors Brewing news, CEO Gavin Hattersley sold 17,215 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $91.90, for a total value of $1,582,058.50. Following the sale, the chief executive officer now owns 99,217 shares of the company’s stock, valued at approximately $9,118,042.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.53% of the company’s stock.

About Molson Coors Brewing

Molson Coors Brewing Company (MCBC) is a holding company. The Company operates as a brewer. The Company’s segments include MillerCoors LLC (United States segment), operating in the United States; Molson Coors Canada (Canada segment), operating in Canada; Molson Coors Europe (Europe segment), operating in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, Republic of Ireland, Romania, Serbia, the United Kingdom and various other European countries; Molson Coors International (Molson Coors International segment), operating in various other countries, and Corporate.

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Institutional Ownership by Quarter for Molson Coors Brewing  (NYSE:TAP)

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