Berenberg Bank Initiates Coverage on Molson Coors Brewing Company (TAP)
Berenberg Bank assumed coverage on shares of Molson Coors Brewing Company (NYSE:TAP) in a report released on Wednesday. The brokerage set a “sell” rating on the stock.
Several other equities research analysts have also issued reports on the stock. Cowen and Company reiterated a “market perform” rating and issued a $100.00 price target on shares of Molson Coors Brewing in a research note on Wednesday, May 31st. Susquehanna Bancshares Inc set a $114.00 price target on shares of Molson Coors Brewing and gave the company a “buy” rating in a research note on Saturday, June 3rd. UBS AG reiterated a “neutral” rating and issued a $96.00 price target (down from $100.00) on shares of Molson Coors Brewing in a research note on Friday, June 9th. BidaskClub lowered shares of Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $111.00 price target on shares of Molson Coors Brewing in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $111.68.
Shares of Molson Coors Brewing (NYSE:TAP) opened at 89.70 on Wednesday. Molson Coors Brewing has a one year low of $85.34 and a one year high of $112.19. The company has a 50-day moving average of $89.73 and a 200-day moving average of $92.31. The company has a market capitalization of $19.31 billion, a PE ratio of 8.96 and a beta of 0.90.
Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates 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 in the previous year, the business earned $1.11 earnings per share. The company’s revenue was down .6% on a year-over-year basis. On average, analysts anticipate that Molson Coors Brewing will post $4.30 earnings per share for the current year.
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In other news, CEO Gavin Hattersley sold 17,215 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 99,217 shares in the company, valued at approximately $9,118,042.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.76% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Quantum Capital Management acquired a new position in shares of Molson Coors Brewing during the 1st quarter worth about $647,000. FIL Ltd increased its stake in shares of Molson Coors Brewing by 1.9% during the 1st quarter. FIL Ltd now owns 6,481,958 shares of the company’s stock worth $620,388,000 after purchasing an additional 119,127 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Molson Coors Brewing by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 17,305,767 shares of the company’s stock worth $1,656,335,000 after purchasing an additional 630,539 shares during the last quarter. Delta Lloyd Asset Management N.V. acquired a new position in shares of Molson Coors Brewing during the 2nd quarter worth about $2,811,000. Finally, RidgeWorth Capital Management LLC acquired a new position in shares of Molson Coors Brewing during the 1st quarter worth about $56,012,000. Institutional investors own 78.34% of the company’s stock.
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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