Bank of New York Mellon Corp decreased its position in shares of Molson Coors Brewing Company (NYSE:TAP) by 30.6% during the second quarter, Holdings Channel reports. The fund owned 3,031,861 shares of the company’s stock after selling 1,339,334 shares during the period. Bank of New York Mellon Corp’s holdings in Molson Coors Brewing were worth $261,772,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of TAP. Quantum Capital Management bought a new position in Molson Coors Brewing during the first quarter worth $647,000. FIL Ltd boosted its position in Molson Coors Brewing by 1.9% in the first quarter. FIL Ltd now owns 6,481,958 shares of the company’s stock worth $620,388,000 after buying an additional 119,127 shares during the last quarter. Vanguard Group Inc. boosted its position in Molson Coors Brewing by 3.8% in the first quarter. Vanguard Group Inc. now owns 17,305,767 shares of the company’s stock worth $1,656,335,000 after buying an additional 630,539 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in Molson Coors Brewing by 2.6% in the first quarter. Diamond Hill Capital Management Inc. now owns 579,141 shares of the company’s stock worth $55,430,000 after buying an additional 14,802 shares during the last quarter. Finally, RidgeWorth Capital Management LLC bought a new position in Molson Coors Brewing during the first quarter worth $56,012,000. 78.58% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Molson Coors Brewing Company (NYSE TAP) opened at 89.74 on Friday. The firm has a 50-day moving average price of $88.69 and a 200-day moving average price of $93.29. The company has a market cap of $19.32 billion, a P/E ratio of 8.97 and a beta of 0.91. Molson Coors Brewing Company has a 1-year low of $85.34 and a 1-year high of $112.19.
Molson Coors Brewing (NYSE:TAP) last announced its earnings results on Wednesday, August 2nd. The company reported $1.66 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by $0.38. Molson Coors Brewing had a net margin of 19.78% and a return on equity of 7.41%. The firm had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3.10 billion. During the same period in the previous year, the company earned $1.11 EPS. Molson Coors Brewing ‘s revenue was down .6% compared to the same quarter last year. On average, equities analysts expect that Molson Coors Brewing Company will post $4.31 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Thursday, August 31st will be issued 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 1.83%. Molson Coors Brewing ‘s payout ratio is currently 16.38%.
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A number of research analysts have recently weighed in on TAP shares. Cowen and Company reaffirmed a “market perform” rating and set a $100.00 price objective on shares of Molson Coors Brewing in a research report on Wednesday, May 31st. Susquehanna Bancshares Inc reaffirmed a “buy” rating on shares of Molson Coors Brewing in a research report on Wednesday, August 2nd. UBS AG reaffirmed a “neutral” rating and set a $98.00 price objective (up from $96.00) on shares of Molson Coors Brewing in a research report on Wednesday, August 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $111.00 price objective on shares of Molson Coors Brewing in a research report on Friday, July 14th. Finally, BidaskClub downgraded Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Molson Coors Brewing currently has a consensus rating of “Hold” and a consensus price target of $111.60.
In other Molson Coors Brewing news, CEO Gavin Hattersley sold 17,215 shares of the stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $91.90, for a total transaction of $1,582,058.50. Following the completion of the transaction, the chief executive officer now owns 99,217 shares of the company’s stock, valued at $9,118,042.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.53% of the stock is owned by corporate insiders.
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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