Molson Coors Brewing Co (TAP) Rating Lowered to Market Perform at Cowen and Company
Molson Coors Brewing Co (NYSE:TAP) was downgraded by research analysts at Cowen and Company from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday. They currently have a $105.00 price target on the stock, down from their previous price target of $120.00. Cowen and Company’s target price would suggest a potential upside of 10.69% from the stock’s previous close.
Several other analysts have also commented on the stock. Susquehanna Bancshares Inc set a $140.00 price target on shares of Molson Coors Brewing and gave the company a “buy” rating in a research report on Monday, March 20th. JPMorgan Chase & Co. began coverage on shares of Molson Coors Brewing in a research report on Tuesday, March 21st. They set a “neutral” rating and a $105.00 price target on the stock. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “strong sell” rating to a “hold” rating in a research report on Monday, February 20th. Finally, Credit Suisse Group AG initiated coverage on shares of Molson Coors Brewing in a research report on Monday, January 23rd. They set a “neutral” rating and a $106.00 price target on the stock. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Molson Coors Brewing currently has an average rating of “Buy” and an average price target of $120.44.
Molson Coors Brewing (NYSE:TAP) opened at 94.86 on Thursday. The stock’s 50 day moving average is $96.60 and its 200 day moving average is $99.35. The stock has a market cap of $20.39 billion, a PE ratio of 10.25 and a beta of 0.95. Molson Coors Brewing has a 52 week low of $89.40 and a 52 week high of $112.19.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings results on Tuesday, February 14th. The company reported $0.46 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by $0.40. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.58 billion. Molson Coors Brewing had a net margin of 11.48% and a return on equity of 7.21%. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.49 EPS. Analysts predict that Molson Coors Brewing will post $6.29 EPS for the current year.
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In other Molson Coors Brewing news, VP Brian Tabolt sold 1,806 shares of the stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $98.13, for a total transaction of $177,222.78. Following the transaction, the vice president now directly owns 4,231 shares of the company’s stock, valued at $415,188.03. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 2.53% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TAP. Institutional Capital LLC increased its position in Molson Coors Brewing by 391.7% in the fourth quarter. Institutional Capital LLC now owns 1,966,809 shares of the company’s stock valued at $191,391,000 after buying an additional 1,566,779 shares during the last quarter. Norges Bank bought a new position in Molson Coors Brewing during the fourth quarter valued at about $75,091,000. Adage Capital Partners GP L.L.C. increased its position in Molson Coors Brewing by 94.9% in the third quarter. Adage Capital Partners GP L.L.C. now owns 1,517,994 shares of the company’s stock valued at $166,676,000 after buying an additional 739,000 shares during the last quarter. Third Point LLC increased its position in Molson Coors Brewing by 70.0% in the third quarter. Third Point LLC now owns 1,700,000 shares of the company’s stock valued at $186,660,000 after buying an additional 700,000 shares during the last quarter. Finally, Mason Capital Management LLC bought a new position in Molson Coors Brewing during the third quarter valued at about $72,563,000. 80.12% of the stock is currently owned by institutional investors and hedge funds.
Molson Coors Brewing Company Profile
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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