Zacks Investment Research upgraded shares of Molson Coors Brewing Company (NYSE:TAP) from a sell rating to a hold rating in a research note released on Tuesday, October 17th.
According to Zacks, “Shares of Molson Coors have declined and underperformed the industry in the past six months. Though the acquisition of the Miller global brands has boosted sales in Europe and international regions, Molson Coors has been posting negative beer volumes in the U.S. and Canada for quite some time now. Aging population and stiff competition have been significant contributors to the declining state of the beer industry. Molson Coors is also exposed to significant currency headwinds, with a major portion of its revenues coming from outside the U.S. Nevertheless, Molson Coors has undertaken several restructuring initiatives to reduce overhead costs and boost profitability. The company is expanding its global footprint through acquisitions and agreements. It is also focusing on above-premium brands to help grow its market share. However, estimates have recently declined ahead of the company’s third-quarter 2017 earnings release.”
TAP has been the subject of a number of other research reports. Susquehanna Bancshares Inc reaffirmed a buy rating on shares of Molson Coors Brewing in a report on Wednesday, October 11th. Berenberg Bank began coverage on Molson Coors Brewing in a report on Wednesday, September 13th. They issued a sell rating and a $78.00 target price for the company. BidaskClub upgraded Molson Coors Brewing from a sell rating to a hold rating in a research report on Saturday, August 26th. Credit Suisse Group set a $92.00 price target on Molson Coors Brewing and gave the company a hold rating in a research report on Friday, September 29th. Finally, Cowen and Company reiterated a hold rating and issued a $96.00 price target on shares of Molson Coors Brewing in a research report on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Molson Coors Brewing presently has a consensus rating of Hold and a consensus target price of $98.80.
Molson Coors Brewing (NYSE:TAP) opened at 80.37 on Tuesday. Molson Coors Brewing has a 12-month low of $80.35 and a 12-month high of $109.37. The company has a 50-day moving average price of $84.27 and a 200 day moving average price of $89.19. The company has a market cap of $17.31 billion, a PE ratio of 8.03 and a beta of 0.88.
Molson Coors Brewing (NYSE:TAP) last issued its earnings results on Wednesday, August 2nd. The company reported $1.66 earnings per share (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 firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same period in the previous year, the company earned $1.11 EPS. Molson Coors Brewing ‘s revenue for the quarter was down .6% on a year-over-year basis. On average, analysts forecast that Molson Coors Brewing will post $4.31 EPS for the current fiscal year.
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In related news, CEO Gavin Hattersley sold 17,215 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $91.90, for a total transaction of $1,582,058.50. Following 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 filing with the SEC, which can be accessed through the SEC website. 2.76% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the stock. Crossmark Global Holdings Inc. acquired a new position in Molson Coors Brewing during the 3rd quarter worth approximately $822,000. New Jersey Better Educational Savings Trust purchased a new stake in shares of Molson Coors Brewing in the third quarter worth approximately $490,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Molson Coors Brewing in the third quarter worth approximately $24,492,000. Aperio Group LLC raised its stake in shares of Molson Coors Brewing by 22.5% in the third quarter. Aperio Group LLC now owns 92,505 shares of the company’s stock worth $7,552,000 after purchasing an additional 16,989 shares during the last quarter. Finally, Consolidated Investment Group LLC purchased a new stake in shares of Molson Coors Brewing in the third quarter worth approximately $1,347,000. 78.27% of the stock is currently owned by institutional investors and hedge funds.
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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