KBC Group NV cut its position in Molson Coors Brewing Company (NYSE:TAP) by 6.7% during the second quarter, Holdings Channel reports. The fund owned 267,883 shares of the company’s stock after selling 19,277 shares during the period. KBC Group NV’s holdings in Molson Coors Brewing were worth $23,129,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in TAP. Shell Asset Management Co. increased its stake in shares of Molson Coors Brewing by 1.5% in the first quarter. Shell Asset Management Co. now owns 13,815 shares of the company’s stock worth $1,322,000 after buying an additional 198 shares during the period. Baker Ellis Asset Management LLC increased its stake in shares of Molson Coors Brewing by 6.4% in the first quarter. Baker Ellis Asset Management LLC now owns 31,556 shares of the company’s stock worth $3,020,000 after buying an additional 1,910 shares during the period. Foster & Motley Inc. purchased a new stake in shares of Molson Coors Brewing during the first quarter worth about $208,000. Westbourne Investment Advisors Inc. increased its stake in shares of Molson Coors Brewing by 6.8% in the first quarter. Westbourne Investment Advisors Inc. now owns 13,293 shares of the company’s stock worth $1,272,000 after buying an additional 850 shares during the period. Finally, Mn Services Vermogensbeheer B.V. increased its stake in shares of Molson Coors Brewing by 4.1% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 5,026 shares of the company’s stock worth $450,000 after buying an additional 199 shares during the period. Hedge funds and other institutional investors own 78.58% of the company’s stock.
Molson Coors Brewing Company (NYSE TAP) opened at 89.74 on Friday. The stock has a market capitalization of $19.32 billion, a P/E ratio of 8.97 and a beta of 0.91. The firm’s 50-day moving average is $88.69 and its 200 day moving average is $93.29. Molson Coors Brewing Company has a 12-month low of $85.34 and a 12-month high of $112.19.
Molson Coors Brewing (NYSE:TAP) last issued its earnings results on Wednesday, August 2nd. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $2.04 by $0.38. The company had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3.10 billion. Molson Coors Brewing had a return on equity of 7.41% and a net margin of 19.78%. Molson Coors Brewing ‘s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.11 earnings per share. Equities analysts expect that Molson Coors Brewing Company will post $4.31 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders 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 annualized dividend and a dividend yield of 1.83%. Molson Coors Brewing ‘s payout ratio is currently 16.38%.
TAP has been the topic of a number of recent analyst reports. BidaskClub downgraded shares of Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a report on Thursday, June 22nd. Zacks Investment Research downgraded shares of Molson Coors Brewing from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 8th. Stifel Nicolaus reissued a “buy” rating and set a $111.00 price target on shares of Molson Coors Brewing in a report on Friday, July 14th. Societe Generale downgraded shares of Molson Coors Brewing from a “buy” rating to a “hold” rating and lowered their price target for the stock from $118.00 to $98.00 in a report on Thursday, May 4th. Finally, Cowen and Company increased their price target on shares of Molson Coors Brewing from $96.00 to $100.00 and gave the stock a “market perform” rating in a report on Friday, June 9th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $111.60.
In other Molson Coors Brewing news, CEO Gavin Hattersley sold 17,215 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $91.90, for a total transaction of $1,582,058.50. Following the sale, the chief executive officer now directly owns 99,217 shares in the company, valued at approximately $9,118,042.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.53% of the stock is currently owned by 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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