Pacific Grove Capital LP Sells 82,300 Shares of Molson Coors Brewing Company (NYSE:TAP)

Pacific Grove Capital LP decreased its stake in shares of Molson Coors Brewing Company (NYSE:TAP) by 65.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,600 shares of the company’s stock after selling 82,300 shares during the period. Molson Coors Brewing makes up 2.0% of Pacific Grove Capital LP’s portfolio, making the stock its 18th largest position. Pacific Grove Capital LP’s holdings in Molson Coors Brewing were worth $4,173,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of TAP. Neuberger Berman Group LLC boosted its position in shares of Molson Coors Brewing by 0.7% in the first quarter. Neuberger Berman Group LLC now owns 6,607 shares of the company’s stock valued at $632,000 after buying an additional 44 shares during the period. Whittier Trust Co. boosted its stake in Molson Coors Brewing by 0.9% in the first quarter. Whittier Trust Co. now owns 5,321 shares of the company’s stock worth $509,000 after buying an additional 46 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in Molson Coors Brewing by 0.8% in the first quarter. Municipal Employees Retirement System of Michigan now owns 12,090 shares of the company’s stock worth $1,157,000 after buying an additional 90 shares during the last quarter. Penserra Capital Management LLC boosted its stake in Molson Coors Brewing by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,196 shares of the company’s stock worth $114,000 after buying an additional 104 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Molson Coors Brewing by 2.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 6,846 shares of the company’s stock worth $668,000 after buying an additional 131 shares during the last quarter. Institutional investors and hedge funds own 76.38% of the company’s stock.

Shares of Molson Coors Brewing Company (NYSE:TAP) opened at 87.51 on Tuesday. Molson Coors Brewing Company has a 52 week low of $85.34 and a 52 week high of $112.19. The stock has a market cap of $18.84 billion, a price-to-earnings ratio of 9.40 and a beta of 0.91. The stock’s 50 day moving average price is $91.09 and its 200-day moving average price is $95.46.

Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings data on Wednesday, May 3rd. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $1.31 by $0.55. Molson Coors Brewing had a net margin of 23.53% and a return on equity of 6.73%. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.46 billion. During the same quarter last year, the company posted $0.54 EPS. Molson Coors Brewing ‘s revenue was up 278.7% on a year-over-year basis. Equities analysts anticipate that Molson Coors Brewing Company will post $6.49 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Thursday, August 31st will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.87%. Molson Coors Brewing ‘s dividend payout ratio (DPR) is presently 17.60%.

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A number of brokerages have issued reports on TAP. Susquehanna Bancshares Inc set a $140.00 price target on Molson Coors Brewing and gave the stock a “buy” rating in a research report on Monday, March 20th. J P Morgan Chase & Co started coverage on Molson Coors Brewing in a research report on Tuesday, March 21st. They issued a “neutral” rating and a $105.00 price target for the company. Cowen and Company downgraded Molson Coors Brewing from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $120.00 to $105.00 in a research report on Thursday, April 20th. UBS AG restated a “neutral” rating and issued a $100.00 price target (down from $108.00) on shares of Molson Coors Brewing in a research report on Friday, May 5th. Finally, Societe Generale downgraded Molson Coors Brewing from a “buy” rating to a “hold” rating and decreased their target price for the stock from $118.00 to $98.00 in a research report on Thursday, May 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $112.27.

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.

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

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