Molson Coors Brewing Co (TAP) Stake Increased by Retirement Systems of Alabama
Retirement Systems of Alabama boosted its stake in Molson Coors Brewing Co (NYSE:TAP) by 0.6% during the first quarter, Holdings Channel reports. The fund owned 304,127 shares of the company’s stock after buying an additional 1,781 shares during the period. Retirement Systems of Alabama owned 0.14% of Molson Coors Brewing worth $29,108,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. Baker Ellis Asset Management LLC raised its stake in Molson Coors Brewing by 2.0% in the third quarter. Baker Ellis Asset Management LLC now owns 28,741 shares of the company’s stock valued at $3,156,000 after buying an additional 560 shares during the last quarter. Third Point LLC raised its stake 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. Wells Fargo & Company MN increased its position in shares of Molson Coors Brewing by 10.2% in the third quarter. Wells Fargo & Company MN now owns 1,588,489 shares of the company’s stock worth $174,416,000 after buying an additional 147,078 shares during the period. World Asset Management Inc increased its position in shares of Molson Coors Brewing by 1.8% in the third quarter. World Asset Management Inc now owns 18,132 shares of the company’s stock worth $1,991,000 after buying an additional 321 shares during the period. Finally, State Street Corp increased its position in shares of Molson Coors Brewing by 1.0% in the fourth quarter. State Street Corp now owns 7,554,670 shares of the company’s stock worth $735,151,000 after buying an additional 72,674 shares during the period. Hedge funds and other institutional investors own 80.12% of the company’s stock.
Shares of Molson Coors Brewing Co (NYSE:TAP) traded down 0.20% during trading on Friday, hitting $94.86. 1,460,611 shares of the company were exchanged. Molson Coors Brewing Co has a 1-year low of $89.40 and a 1-year high of $112.19. The stock has a market capitalization of $20.39 billion, a PE ratio of 10.25 and a beta of 0.95. The company has a 50 day moving average of $96.70 and a 200-day moving average of $99.45.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Tuesday, February 14th. The company reported $0.46 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by $0.40. Molson Coors Brewing had a net margin of 11.48% and a return on equity of 7.21%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.58 billion. During the same period in the previous year, the firm earned $0.49 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. On average, analysts forecast that Molson Coors Brewing Co will post $6.33 earnings per share for the current year.
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A number of brokerages recently weighed in on TAP. Cowen and Company downgraded shares of Molson Coors Brewing from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $120.00 to $105.00 in a report on Thursday. Susquehanna Bancshares Inc set a $140.00 price target on shares of Molson Coors Brewing and gave the stock a “buy” rating in a report on Monday, March 20th. JPMorgan Chase & Co. began coverage on shares of Molson Coors Brewing in a report on Tuesday, March 21st. They issued a “neutral” rating and a $105.00 price target on the stock. Zacks Investment Research raised shares of Molson Coors Brewing from a “strong sell” rating to a “hold” rating in a report on Monday, February 20th. Finally, Credit Suisse Group AG began coverage on shares of Molson Coors Brewing in a report on Monday, January 23rd. They issued a “neutral” rating and a $106.00 price target on the stock. They noted that the move was a valuation call. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Molson Coors Brewing presently has a consensus rating of “Buy” and an average target price of $120.44.
In related news, VP Brian Tabolt sold 1,806 shares of the business’s stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $98.13, for a total value of $177,222.78. Following the transaction, the vice president now directly owns 4,231 shares of the company’s stock, valued at approximately $415,188.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.53% of the stock is currently owned by insiders.
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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