Molson Coors Brewing Co. (TAP) Coverage Initiated by Analysts at Goldman Sachs Group Inc.
Equities research analysts at Goldman Sachs Group Inc. assumed coverage on shares of Molson Coors Brewing Co. (NYSE:TAP) in a research report issued to clients and investors on Monday. The brokerage set a “buy” rating on the stock.
Other equities research analysts have also recently issued reports about the company. Stifel Nicolaus reiterated a “buy” rating and issued a $134.00 price target (up from $119.00) on shares of Molson Coors Brewing in a research note on Sunday, June 12th. Susquehanna reiterated a “buy” rating and issued a $130.00 price target on shares of Molson Coors Brewing in a research note on Sunday, July 17th. Zacks Investment Research upgraded Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 price target for the company in a research note on Tuesday, July 12th. Bryan, Garnier & Co upgraded Molson Coors Brewing to a “buy” rating in a research note on Friday, July 8th. Finally, Citigroup Inc. upped their target price on Molson Coors Brewing from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, September 19th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Molson Coors Brewing presently has a consensus rating of “Buy” and an average target price of $118.88.
Shares of Molson Coors Brewing (NYSE:TAP) opened at 107.65 on Monday. The company’s 50 day moving average price is $104.36 and its 200-day moving average price is $100.05. Molson Coors Brewing has a 52 week low of $78.17 and a 52 week high of $111.24. The firm has a market capitalization of $23.12 billion, a PE ratio of 55.81 and a beta of 0.88.
Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $1.11 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.11. The business earned $986.20 million during the quarter, compared to analysts’ expectations of $970.25 million. Molson Coors Brewing had a return on equity of 8.21% and a net margin of 7.54%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. On average, equities research analysts expect that Molson Coors Brewing will post $3.29 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 31st were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Monday, August 29th. Molson Coors Brewing’s payout ratio is 88.65%.
In other news, CEO Krishnan Anand sold 1,869 shares of the stock in a transaction on Friday, July 29th. The stock was sold at an average price of $102.00, for a total value of $190,638.00. Following the completion of the transaction, the chief executive officer now directly owns 26,777 shares in the company, valued at approximately $2,731,254. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew Thomas Molson sold 1,173 shares of the stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $99.49, for a total value of $116,701.77. Following the completion of the transaction, the director now owns 6,834 shares of the company’s stock, valued at $679,914.66. The disclosure for this sale can be found here. 2.53% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its stake in Molson Coors Brewing by 535.6% in the first quarter. Wellington Management Group LLP now owns 7,090,526 shares of the company’s stock worth $681,965,000 after buying an additional 5,975,046 shares during the last quarter. Lazard Asset Management LLC increased its stake in Molson Coors Brewing by 174.4% in the first quarter. Lazard Asset Management LLC now owns 6,543,563 shares of the company’s stock worth $629,357,000 after buying an additional 4,158,485 shares during the last quarter. State Street Corp increased its stake in Molson Coors Brewing by 19.9% in the first quarter. State Street Corp now owns 7,526,410 shares of the company’s stock worth $723,884,000 after buying an additional 1,247,903 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Molson Coors Brewing by 15.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 4,496,014 shares of the company’s stock worth $432,427,000 after buying an additional 608,234 shares during the last quarter. Finally, Emerald Acquisition Ltd. bought a new stake in Molson Coors Brewing during the second quarter worth $53,703,000. Institutional investors own 77.65% of the company’s stock.
About Molson Coors Brewing
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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