Molson Coors Brewing (NYSE:TAP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $92.00 price objective on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.93% from the stock’s previous close.
According to Zacks, “Molson Coors has been gaining from its focus on above-premium brands, which now form nearly 20% of its total annual brand volumes. Also, the company is making efforts to gain share in the U.S. premium light segment through Coors Light and Miller Lite brands. These factors, focus on cost savings, better pricing and royalty volumes drove results in fourth-quarter 2017. Both the top and bottom line beat estimates and retained the solid year-on-year growth trend, helping the company surpass the industry in the past three months. However, U.S. volumes continued to be soft, with weakness across STRs and STWs due to industry woes. This, along with input cost inflation raises concerns. Nonetheless, Molson Coors’ raised cost savings target, expected gains from tax reforms, focus on First Choice and efforts to strengthen balance sheet bode well. In 2017, the company reduced debt by more than $600 million and also exceeded its free cash flow goal.”
Other equities analysts have also recently issued reports about the company. Credit Suisse Group upgraded Molson Coors Brewing from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $94.00 to $96.00 in a report on Monday, February 12th. Berenberg Bank restated a “sell” rating and set a $76.00 price target on shares of Molson Coors Brewing in a report on Friday, November 3rd. Susquehanna Bancshares set a $108.00 price target on Molson Coors Brewing and gave the stock a “buy” rating in a report on Wednesday, November 1st. BMO Capital Markets began coverage on Molson Coors Brewing in a report on Monday, February 5th. They set an “outperform” rating and a $95.00 price target on the stock. Finally, Stifel Nicolaus restated a “buy” rating and set a $112.00 price target on shares of Molson Coors Brewing in a report on Friday, February 2nd. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $96.88.
Molson Coors Brewing (NYSE:TAP) traded down $0.27 during trading on Monday, hitting $81.47. The company’s stock had a trading volume of 1,706,500 shares, compared to its average volume of 1,522,021. The company has a market cap of $17,548.64, a PE ratio of 12.67, a price-to-earnings-growth ratio of 1.83 and a beta of 0.79. Molson Coors Brewing has a 52-week low of $72.71 and a 52-week high of $102.14. The company has a debt-to-equity ratio of 0.79, a current ratio of 0.64 and a quick ratio of 0.47.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.06. The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Molson Coors Brewing had a return on equity of 7.55% and a net margin of 10.34%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.47 EPS. sell-side analysts expect that Molson Coors Brewing will post 5.12 earnings per share for the current fiscal year.
In related news, CFO Tracey Joubert sold 1,000 shares of the stock in a transaction 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 directly owns 22,839 shares in the company, valued at approximately $1,807,706.85. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman Peter H. Coors sold 55,603 shares of the stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $85.01, for a total value of $4,726,811.03. Following the completion of the transaction, the chairman now owns 319,222 shares in the company, valued at $27,137,062.22. The disclosure for this sale can be found here. 2.76% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of the stock. State of New Jersey Common Pension Fund D purchased a new stake in Molson Coors Brewing in the 3rd quarter valued at $24,492,000. Strs Ohio raised its position in Molson Coors Brewing by 6.4% in the 3rd quarter. Strs Ohio now owns 605,977 shares of the company’s stock valued at $49,471,000 after buying an additional 36,604 shares during the last quarter. Toronto Dominion Bank raised its position in Molson Coors Brewing by 16.1% in the 3rd quarter. Toronto Dominion Bank now owns 72,691 shares of the company’s stock valued at $5,934,000 after buying an additional 10,087 shares during the last quarter. CAPROCK Group Inc. raised its position in Molson Coors Brewing by 38.8% in the 4th quarter. CAPROCK Group Inc. now owns 11,850 shares of the company’s stock valued at $1,006,000 after buying an additional 3,312 shares during the last quarter. Finally, Commonwealth Equity Services Inc raised its position in Molson Coors Brewing by 14.3% in the 3rd quarter. Commonwealth Equity Services Inc now owns 11,632 shares of the company’s stock valued at $949,000 after buying an additional 1,457 shares during the last quarter. Institutional investors own 77.05% of the company’s stock.
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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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