Symons Capital Management Inc. Sells 7,019 Shares of Molson Coors Brewing Co (TAP)
Symons Capital Management Inc. cut its stake in shares of Molson Coors Brewing Co (NYSE:TAP) by 5.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 113,370 shares of the company’s stock after selling 7,019 shares during the period. Molson Coors Brewing accounts for about 2.3% of Symons Capital Management Inc.’s investment portfolio, making the stock its 21st biggest holding. Symons Capital Management Inc. owned 0.05% of Molson Coors Brewing worth $6,972,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. boosted its position in Molson Coors Brewing by 1.5% during the third quarter. BlackRock Inc. now owns 14,104,797 shares of the company’s stock valued at $867,444,000 after purchasing an additional 210,588 shares during the last quarter. Wells Fargo & Company MN boosted its position in Molson Coors Brewing by 8.4% during the second quarter. Wells Fargo & Company MN now owns 4,643,007 shares of the company’s stock valued at $315,909,000 after purchasing an additional 361,588 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Molson Coors Brewing by 33.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,715,532 shares of the company’s stock valued at $167,004,000 after purchasing an additional 687,940 shares during the last quarter. American Century Companies Inc. boosted its position in Molson Coors Brewing by 29.1% during the second quarter. American Century Companies Inc. now owns 2,510,468 shares of the company’s stock valued at $170,812,000 after purchasing an additional 565,994 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC raised its stake in Molson Coors Brewing by 46.2% in the third quarter. Thompson Siegel & Walmsley LLC now owns 1,419,493 shares of the company’s stock valued at $87,299,000 after buying an additional 448,337 shares during the period. 73.49% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on TAP shares. Guggenheim started coverage on Molson Coors Brewing in a research note on Thursday, September 13th. They issued a “neutral” rating and a $66.00 price objective on the stock. Morgan Stanley upped their price objective on Molson Coors Brewing from $69.00 to $74.00 and gave the company an “equal weight” rating in a research note on Thursday, August 2nd. Susquehanna Bancshares upped their price objective on Molson Coors Brewing from $80.00 to $84.00 and gave the company a “positive” rating in a research note on Thursday, August 2nd. Citigroup dropped their price objective on Molson Coors Brewing from $78.00 to $72.00 and set a “buy” rating on the stock in a research note on Thursday, November 1st. Finally, ValuEngine upgraded Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research note on Thursday, November 1st. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $75.36.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings data on Wednesday, October 31st. The company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.25. The firm had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.92 billion. Molson Coors Brewing had a return on equity of 7.58% and a net margin of 12.05%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.34 earnings per share. Equities research analysts predict that Molson Coors Brewing Co will post 4.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.55%. Molson Coors Brewing’s dividend payout ratio (DPR) is currently 36.69%.
In other news, insider Krishnan Anand sold 2,595 shares of the stock in a transaction that occurred on Monday, October 1st. The stock was sold at an average price of $61.42, for a total transaction of $159,384.90. Following the transaction, the insider now owns 49,578 shares in the company, valued at $3,045,080.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 7,785 shares of company stock worth $499,512. 2.55% of the stock is owned by corporate insiders.
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Molson Coors Brewing Company Profile
Molson Coors Brewing Company manufactures and sells beer and other beverage products in the United States, Canada, Europe, and internationally. It sells various products under the Coors Light, Miller Lite, Coors Banquet, the Blue Moon Brewing Company brands, the Jacob Leinenkugel Brewing Company brands, Keystone, Icehouse, Mickey's, Miller 64, Miller Genuine Draft, Miller High Life, Milwaukee's Best, Hamm's, Olde English 800, Steel Reserve, Crispin, Smith & Forge, Redd's, the Henry's Hard Soda, and Steel Reserve Alloy Series brands.
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