CIBC Asset Management Inc trimmed its holdings in shares of Molson Coors Brewing Co (NYSE:TAP) by 13.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,549 shares of the company’s stock after selling 4,099 shares during the quarter. CIBC Asset Management Inc’s holdings in Molson Coors Brewing were worth $1,571,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BlackRock Inc. increased its position in shares of Molson Coors Brewing by 10.9% during the 2nd quarter. BlackRock Inc. now owns 13,894,209 shares of the company’s stock worth $945,363,000 after purchasing an additional 1,367,047 shares during the last quarter. ARGA Investment Management LP increased its position in shares of Molson Coors Brewing by 19.7% during the 2nd quarter. ARGA Investment Management LP now owns 23,575 shares of the company’s stock worth $1,604,000 after purchasing an additional 3,875 shares during the last quarter. Intrepid Capital Management Inc. acquired a new stake in shares of Molson Coors Brewing during the 2nd quarter worth about $730,000. Fairpointe Capital LLC increased its position in shares of Molson Coors Brewing by 42,908.9% during the 2nd quarter. Fairpointe Capital LLC now owns 1,376,285 shares of the company’s stock worth $93,643,000 after purchasing an additional 1,373,085 shares during the last quarter. Finally, Cypress Capital Group acquired a new stake in shares of Molson Coors Brewing during the 2nd quarter worth about $430,000. 76.76% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Krishnan Anand sold 2,595 shares of the business’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $61.42, for a total transaction of $159,384.90. Following the completion of the transaction, the insider now directly owns 49,578 shares of the company’s stock, valued at $3,045,080.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 7,785 shares of company stock valued at $499,512. Corporate insiders own 2.55% of the company’s stock.
A number of brokerages recently issued reports on TAP. Morgan Stanley raised their price objective on Molson Coors Brewing from $69.00 to $74.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 2nd. Susquehanna Bancshares lifted their target price on Molson Coors Brewing from $80.00 to $84.00 and gave the company a “positive” rating in a research report on Thursday, August 2nd. Citigroup dropped their target price on Molson Coors Brewing from $80.00 to $78.00 and set a “buy” rating for the company in a research report on Monday, August 27th. Jefferies Financial Group started coverage on Molson Coors Brewing in a research report on Friday, September 7th. They issued an “underperform” rating and a $55.00 target price for the company. Finally, ValuEngine raised Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $75.36.
NYSE TAP opened at $64.50 on Friday. The stock has a market capitalization of $13.52 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 2.78 and a beta of 0.56. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.49. Molson Coors Brewing Co has a 1-year low of $55.52 and a 1-year high of $85.86.
Molson Coors Brewing (NYSE:TAP) last released its earnings results on Wednesday, October 31st. The company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.25. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. Molson Coors Brewing had a return on equity of 7.58% and a net margin of 12.05%. Molson Coors Brewing’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.34 EPS. On average, sell-side analysts forecast that Molson Coors Brewing Co will post 4.97 earnings per share for the current fiscal year.
Molson Coors Brewing Profile
Molson Coors Brewing Company manufactures and sells beer and other beverage products in the United States, Canada, Europe, and internationally. It sells various products under the Coors Light, Miller Lite, Coors Banquet, the Blue Moon Brewing Company brands, the Jacob Leinenkugel Brewing Company brands, Keystone, Icehouse, Mickey's, Miller 64, Miller Genuine Draft, Miller High Life, Milwaukee's Best, Hamm's, Olde English 800, Steel Reserve, Crispin, Smith & Forge, Redd's, the Henry's Hard Soda, and Steel Reserve Alloy Series brands.
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