Molson Coors Brewing Company (TAP) to Issue Quarterly Dividend of $0.41 on September 15th
Molson Coors Brewing Company (NYSE:TAP) declared a quarterly dividend on Friday, July 14th, Wall Street Journal reports. Investors of record on Thursday, August 31st will be given a dividend of 0.41 per share on Friday, September 15th. This represents a $1.64 annualized dividend and a yield of 1.80%. The ex-dividend date is Tuesday, August 29th.
Molson Coors Brewing has increased its dividend payment by an average of 8.6% per year over the last three years. Molson Coors Brewing has a payout ratio of 37.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Molson Coors Brewing to earn $4.78 per share next year, which means the company should continue to be able to cover its $1.64 annual dividend with an expected future payout ratio of 34.3%.
Molson Coors Brewing (NYSE:TAP) opened at 91.00 on Monday. The stock has a market capitalization of $19.59 billion, a PE ratio of 9.09 and a beta of 0.91. Molson Coors Brewing has a 52-week low of $85.34 and a 52-week high of $112.19. The company’s 50-day moving average price is $89.10 and its 200 day moving average price is $93.05.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings results on Wednesday, August 2nd. The company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $2.04 by $0.38. Molson Coors Brewing had a return on equity of 7.41% and a net margin of 19.78%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same quarter last year, the company earned $1.11 EPS. The firm’s revenue for the quarter was down .6% on a year-over-year basis. Equities analysts forecast that Molson Coors Brewing will post $4.30 EPS for the current fiscal year.
In other news, CEO Gavin Hattersley sold 17,215 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $91.90, for a total transaction of $1,582,058.50. Following the completion of the sale, the chief executive officer now owns 99,217 shares in the company, valued at approximately $9,118,042.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.76% of the stock is owned by company insiders.
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TAP has been the subject of several research analyst reports. BidaskClub downgraded shares of Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Zacks Investment Research downgraded shares of Molson Coors Brewing from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 8th. Stifel Nicolaus reiterated a “buy” rating and issued a $111.00 price objective on shares of Molson Coors Brewing in a report on Friday, July 14th. Societe Generale downgraded shares of Molson Coors Brewing from a “buy” rating to a “hold” rating and cut their price objective for the company from $118.00 to $98.00 in a report on Thursday, May 4th. Finally, Cowen and Company increased their price objective on shares of Molson Coors Brewing from $96.00 to $100.00 and gave the company a “market perform” rating in a report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $111.60.
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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