Daiwa Securities Group Inc. cut its holdings in shares of Molson Coors Brewing Co (NYSE:TAP) by 15.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,940 shares of the company’s stock after selling 1,592 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Molson Coors Brewing were worth $533,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the business. Acima Private Wealth LLC bought a new position in shares of Molson Coors Brewing in the fourth quarter worth approximately $25,000. Wakefield Asset Management LLLP bought a new position in shares of Molson Coors Brewing in the fourth quarter worth approximately $26,000. Pinnacle Bank bought a new position in shares of Molson Coors Brewing in the fourth quarter worth approximately $34,000. Massey Quick Simon & CO. LLC bought a new position in shares of Molson Coors Brewing in the first quarter worth approximately $36,000. Finally, Investors Research Corp bought a new position in shares of Molson Coors Brewing in the first quarter worth approximately $36,000. 77.64% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CEO Mark Hunter sold 11,287 shares of Molson Coors Brewing stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $60.06, for a total value of $677,897.22. Following the sale, the chief executive officer now owns 166,743 shares in the company, valued at $10,014,584.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.48% of the company’s stock.
Several brokerages have recently issued reports on TAP. Jefferies Financial Group restated a “sell” rating on shares of Molson Coors Brewing in a report on Tuesday, February 12th. Citigroup cut their target price on shares of Molson Coors Brewing from $72.00 to $69.00 and set a “buy” rating on the stock in a report on Thursday, February 14th. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “sell” rating to a “hold” rating in a report on Thursday, May 2nd. BMO Capital Markets cut their target price on shares of Molson Coors Brewing from $85.00 to $80.00 and set an “outperform” rating on the stock in a report on Wednesday, February 13th. Finally, Deutsche Bank cut shares of Molson Coors Brewing from a “buy” rating to a “hold” rating and cut their target price for the stock from $72.00 to $63.00 in a report on Tuesday, February 12th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $69.91.
NYSE:TAP traded down $1.78 during trading hours on Wednesday, hitting $55.46. The company had a trading volume of 2,110,198 shares, compared to its average volume of 1,446,498. The stock has a market cap of $12.69 billion, a P/E ratio of 11.00, a price-to-earnings-growth ratio of 2.84 and a beta of 0.79. Molson Coors Brewing Co has a 52 week low of $54.17 and a 52 week high of $71.04. The company has a quick ratio of 0.39, a current ratio of 0.56 and a debt-to-equity ratio of 0.61.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.05). The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Brewing had a net margin of 7.46% and a return on equity of 7.92%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. On average, analysts expect that Molson Coors Brewing Co will post 4.63 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Monday, June 3rd will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.96%. The ex-dividend date of this dividend is Friday, May 31st. Molson Coors Brewing’s dividend payout ratio (DPR) is currently 32.54%.
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Molson Coors Brewing Profile
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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