Palouse Capital Management Inc. grew its stake in Molson Coors Brewing Co (NYSE:TAP) by 27.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 122,209 shares of the company’s stock after purchasing an additional 26,141 shares during the quarter. Molson Coors Brewing makes up 2.5% of Palouse Capital Management Inc.’s holdings, making the stock its 8th biggest position. Palouse Capital Management Inc. owned about 0.06% of Molson Coors Brewing worth $6,844,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in TAP. Icon Wealth Partners LLC acquired a new stake in shares of Molson Coors Brewing in the first quarter valued at about $27,000. Synovus Financial Corp acquired a new stake in shares of Molson Coors Brewing in the first quarter valued at about $30,000. Investors Research Corp acquired a new stake in shares of Molson Coors Brewing in the first quarter valued at about $36,000. Coastal Investment Advisors Inc. grew its position in shares of Molson Coors Brewing by 62.5% in the second quarter. Coastal Investment Advisors Inc. now owns 762 shares of the company’s stock valued at $44,000 after purchasing an additional 293 shares during the period. Finally, Acima Private Wealth LLC grew its position in shares of Molson Coors Brewing by 81.2% in the first quarter. Acima Private Wealth LLC now owns 810 shares of the company’s stock valued at $48,000 after purchasing an additional 363 shares during the period. Institutional investors and hedge funds own 74.99% of the company’s stock.
NYSE:TAP traded down $1.08 on Friday, hitting $50.61. The stock had a trading volume of 40,922 shares, compared to its average volume of 2,050,381. The company has a quick ratio of 0.47, a current ratio of 0.64 and a debt-to-equity ratio of 0.60. The stock has a market cap of $11.13 billion, a price-to-earnings ratio of 10.04, a PEG ratio of 2.68 and a beta of 0.79. The company has a fifty day moving average price of $53.93 and a two-hundred day moving average price of $58.08. Molson Coors Brewing Co has a 1-year low of $49.92 and a 1-year high of $69.13.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.51%. This is a positive change from Molson Coors Brewing’s previous quarterly dividend of $0.41. The ex-dividend date is Thursday, August 29th. Molson Coors Brewing’s payout ratio is presently 32.54%.
A number of equities analysts recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of Molson Coors Brewing in a research report on Monday, June 10th. They set an “underperform” rating and a $50.00 price target on the stock. Guggenheim lowered their price target on shares of Molson Coors Brewing from $63.00 to $52.00 and set a “neutral” rating on the stock in a research report on Thursday, August 1st. ValuEngine upgraded shares of Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research report on Friday, August 16th. Bank of America lowered shares of Molson Coors Brewing from a “buy” rating to an “underperform” rating in a research report on Monday, July 15th. Finally, Zacks Investment Research upgraded shares of Molson Coors Brewing from a “sell” rating to a “hold” rating in a research report on Thursday, May 2nd. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.91.
Molson Coors Brewing Profile
Molson Coors Brewing Company manufactures, markets, and sells beer and other malt beverage products in the United States, Canada, Europe, and internationally. The company sells various products under the Blue Moon, Coors Banquet, Coors Light, Miller Genuine Draft, Miller Lite, Hamm's, Icehouse, Keystone, Mickey's, Miller64, Miller High Life, Milwaukee's Best, Olde English, Steel Reserve, Grolsch, Hop Valley, Leinenkugel's, Peroni Nastro Azurro, Pilsner Urquell, Revolver, Saint Archer, Sol, Terrapin, Crispin, Smith & Forge, Arnold Palmer Spiked, Henry's Hard, Redd's, and Steel Reserve Alloy Series brands.
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