Molson Coors Brewing Company (TAP) is Empire Life Investments Inc.’s 2nd Largest Position

Empire Life Investments Inc. lifted its holdings in Molson Coors Brewing Company (NYSE:TAP) by 42.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 581,698 shares of the company’s stock after acquiring an additional 174,392 shares during the period. Molson Coors Brewing makes up approximately 3.8% of Empire Life Investments Inc.’s portfolio, making the stock its 2nd biggest position. Empire Life Investments Inc. owned approximately 0.27% of Molson Coors Brewing worth $47,490,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Maverick Capital Ltd. bought a new stake in Molson Coors Brewing in the 2nd quarter valued at about $438,738,000. JPMorgan Chase & Co. increased its position in Molson Coors Brewing by 33.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 16,058,334 shares of the company’s stock valued at $1,386,476,000 after buying an additional 4,001,480 shares in the last quarter. Lazard Asset Management LLC increased its position in Molson Coors Brewing by 33.0% in the 2nd quarter. Lazard Asset Management LLC now owns 10,538,919 shares of the company’s stock valued at $909,928,000 after buying an additional 2,616,561 shares in the last quarter. Epoch Investment Partners Inc. boosted its stake in Molson Coors Brewing by 852.1% during the 3rd quarter. Epoch Investment Partners Inc. now owns 2,428,882 shares of the company’s stock valued at $198,294,000 after purchasing an additional 2,173,761 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake in Molson Coors Brewing by 1,749.8% during the 3rd quarter. TD Asset Management Inc. now owns 1,262,242 shares of the company’s stock valued at $103,049,000 after purchasing an additional 1,194,006 shares during the last quarter. 78.00% of the stock is owned by hedge funds and other institutional investors.

In related news, CFO Tracey Joubert sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $79.15, for a total value of $79,150.00. Following the transaction, the chief financial officer now owns 22,839 shares in the company, valued at $1,807,706.85. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.76% of the stock is currently owned by corporate insiders.

Shares of Molson Coors Brewing Company (NYSE:TAP) traded down $1.12 during midday trading on Friday, hitting $79.95. The stock had a trading volume of 816,400 shares, compared to its average volume of 1,596,641. Molson Coors Brewing Company has a 12-month low of $76.25 and a 12-month high of $102.14. The stock has a market cap of $17,462.48, a P/E ratio of 19.21, a PEG ratio of 2.38 and a beta of 0.83. The company has a debt-to-equity ratio of 0.83, a current ratio of 0.69 and a quick ratio of 0.54.

Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $1.34 EPS for the quarter, meeting the consensus estimate of $1.34. Molson Coors Brewing had a return on equity of 7.54% and a net margin of 17.04%. The business had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the business earned $1.03 earnings per share. Molson Coors Brewing’s revenue for the quarter was up 204.3% on a year-over-year basis. research analysts expect that Molson Coors Brewing Company will post 4.34 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.64 annualized dividend and a yield of 2.05%. Molson Coors Brewing’s payout ratio is 15.83%.

A number of research firms have issued reports on TAP. Susquehanna Bancshares set a $108.00 price target on Molson Coors Brewing and gave the company a “buy” rating in a research note on Wednesday, November 1st. Berenberg Bank reiterated a “sell” rating and set a $76.00 price target on shares of Molson Coors Brewing in a research note on Friday, November 3rd. Credit Suisse Group set a $92.00 price target on Molson Coors Brewing and gave the company a “hold” rating in a research note on Friday, September 29th. Cowen reiterated a “hold” rating and set a $96.00 price target on shares of Molson Coors Brewing in a research note on Thursday, September 28th. Finally, Zacks Investment Research upgraded Molson Coors Brewing from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $98.92.

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Molson Coors Brewing 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.

Institutional Ownership by Quarter for Molson Coors Brewing (NYSE:TAP)

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