CIBC Asset Management Inc trimmed its position in shares of Molson Coors Brewing Co (NYSE:TAP) by 1.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,743 shares of the company’s stock after selling 328 shares during the period. CIBC Asset Management Inc’s holdings in Molson Coors Brewing were worth $1,135,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Bridges Investment Management Inc. increased its holdings in Molson Coors Brewing by 7.6% during the second quarter. Bridges Investment Management Inc. now owns 6,400 shares of the company’s stock worth $358,000 after buying an additional 454 shares during the last quarter. Atria Investments LLC acquired a new position in Molson Coors Brewing during the second quarter worth $1,050,000. GAM Holding AG increased its holdings in Molson Coors Brewing by 1.4% during the second quarter. GAM Holding AG now owns 74,837 shares of the company’s stock worth $4,191,000 after buying an additional 1,056 shares during the last quarter. Capital Investment Advisors LLC increased its holdings in Molson Coors Brewing by 10.0% during the second quarter. Capital Investment Advisors LLC now owns 26,685 shares of the company’s stock worth $1,494,000 after buying an additional 2,436 shares during the last quarter. Finally, Asahi Life Asset Management CO. LTD. acquired a new position in Molson Coors Brewing during the second quarter worth $317,000. Institutional investors and hedge funds own 76.16% of the company’s stock.
A number of equities analysts have commented on the stock. MKM Partners set a $63.00 price objective on shares of Molson Coors Brewing and gave the stock a “buy” rating in a research report on Friday, November 1st. Zacks Investment Research raised shares of Molson Coors Brewing from a “sell” rating to a “hold” rating and set a $55.00 price objective for the company in a research report on Monday. Deutsche Bank reduced their price objective on shares of Molson Coors Brewing from $56.00 to $50.00 and set a “hold” rating for the company in a research report on Thursday, October 31st. BMO Capital Markets lifted their price objective on shares of Molson Coors Brewing to $65.00 in a research report on Thursday, August 1st. Finally, Bryan, Garnier & Co reaffirmed a “sell” rating and set a $51.00 price objective on shares of Molson Coors Brewing in a research report on Thursday, August 1st. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $58.64.
In other news, VP Brian Tabolt sold 1,825 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $56.94, for a total value of $103,915.50. Following the completion of the sale, the vice president now owns 6,218 shares of the company’s stock, valued at $354,052.92. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.48% of the company’s stock.
TAP stock opened at $54.48 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.59 and a quick ratio of 0.42. The company has a fifty day moving average price of $56.05 and a two-hundred day moving average price of $55.86. Molson Coors Brewing Co has a one year low of $49.92 and a one year high of $67.24. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 2.25 and a beta of 0.77.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings data on Wednesday, October 30th. The company reported $1.48 EPS for the quarter, topping the Zacks’ consensus estimate of $1.46 by $0.02. Molson Coors Brewing had a net margin of 1.19% and a return on equity of 6.86%. The firm had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same period in the previous year, the business posted $1.84 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Research analysts anticipate that Molson Coors Brewing Co will post 4.3 EPS for the current fiscal year.
Molson Coors Brewing Company 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.
Further Reading: Quantitative Easing
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