Denali Advisors LLC acquired a new position in shares of Molson Coors Brewing Co (NYSE:TAP) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 146,400 shares of the company’s stock, valued at approximately $8,418,000.
A number of other institutional investors have also added to or reduced their stakes in TAP. Ossiam bought a new position in Molson Coors Brewing in the second quarter valued at $31,000. Capital Bank & Trust Co bought a new position in Molson Coors Brewing in the second quarter valued at $39,000. Coastal Investment Advisors Inc. grew its position in 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 in the last quarter. First Mercantile Trust Co. bought a new position in Molson Coors Brewing in the second quarter valued at $49,000. Finally, CSat Investment Advisory L.P. grew its position in Molson Coors Brewing by 131.7% in the second quarter. CSat Investment Advisory L.P. now owns 1,008 shares of the company’s stock valued at $57,000 after purchasing an additional 573 shares in the last quarter. 76.26% of the stock is owned by institutional investors and hedge funds.
A number of research firms recently weighed in on TAP. Bryan, Garnier & Co reaffirmed a “sell” rating and issued a $51.00 target price on shares of Molson Coors Brewing in a research report on Thursday, August 1st. BMO Capital Markets raised their target price on shares of Molson Coors Brewing to $65.00 in a research report on Thursday, August 1st. MKM Partners started coverage on shares of Molson Coors Brewing in a research report on Thursday, September 19th. They issued a “buy” rating and a $66.00 target price for the company. Guggenheim decreased their price objective on shares of Molson Coors Brewing from $63.00 to $52.00 and set a “neutral” rating for the company in a research report on Thursday, August 1st. Finally, ValuEngine raised shares of Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Five analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $63.60.
Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.13). Molson Coors Brewing had a net margin of 6.85% and a return on equity of 7.33%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3.03 billion. During the same period last year, the business earned $1.88 EPS. The business’s revenue was down 4.4% on a year-over-year basis. As a group, research analysts forecast that Molson Coors Brewing Co will post 4.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a dividend yield of 4.11%. The ex-dividend date was Thursday, August 29th. This is an increase from Molson Coors Brewing’s previous quarterly dividend of $0.41. Molson Coors Brewing’s dividend payout ratio (DPR) is 45.24%.
In related news, VP Brian Tabolt sold 1,825 shares of Molson Coors Brewing stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $56.94, for a total transaction of $103,915.50. Following the completion of the sale, the vice president now owns 6,218 shares of the company’s stock, valued at approximately $354,052.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.48% of the company’s stock.
About Molson Coors Brewing
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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