Legal & General Group Plc increased its position in Molson Coors Brewing Company (NYSE:TAP) by 0.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 720,778 shares of the company’s stock after buying an additional 6,177 shares during the period. Legal & General Group Plc owned approximately 0.33% of Molson Coors Brewing worth $62,233,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Molson Coors Brewing by 3,905.7% in the first quarter. BlackRock Inc. now owns 10,676,010 shares of the company’s stock worth $1,021,799,000 after buying an additional 10,409,488 shares in the last quarter. Independent Franchise Partners LLP bought a new stake in Molson Coors Brewing during the second quarter worth $444,131,000. FMR LLC raised its stake in Molson Coors Brewing by 33.3% in the first quarter. FMR LLC now owns 17,667,627 shares of the company’s stock worth $1,690,969,000 after buying an additional 4,417,205 shares in the last quarter. Diamond Hill Capital Management Inc. raised its stake in Molson Coors Brewing by 353.7% in the second quarter. Diamond Hill Capital Management Inc. now owns 2,627,608 shares of the company’s stock worth $226,868,000 after buying an additional 2,048,467 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Molson Coors Brewing by 909.0% in the first quarter. Renaissance Technologies LLC now owns 922,200 shares of the company’s stock worth $88,264,000 after buying an additional 830,800 shares in the last quarter. 78.58% of the stock is currently owned by institutional investors and hedge funds.
Molson Coors Brewing Company (NYSE TAP) opened at 91.00 on Friday. The stock has a market cap of $19.59 billion, a price-to-earnings ratio of 9.09 and a beta of 0.91. Molson Coors Brewing Company has a 12-month low of $85.34 and a 12-month high of $112.19. The company has a 50-day moving average price of $89.10 and a 200 day moving average price of $93.05.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $1.66 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.04 by $0.38. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down .6% on a year-over-year basis. During the same period in the prior year, the company posted $1.11 earnings per share. On average, equities research analysts predict that Molson Coors Brewing Company will post $4.31 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Thursday, August 31st will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 1.80%. The ex-dividend date is Tuesday, August 29th. Molson Coors Brewing ‘s dividend payout ratio is currently 16.38%.
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A number of analysts have recently weighed in on TAP shares. BidaskClub lowered Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $117.00 price objective (up previously from $114.00) on shares of Molson Coors Brewing in a research report on Wednesday, June 7th. UBS AG reaffirmed a “neutral” rating and set a $98.00 price objective (up previously from $96.00) on shares of Molson Coors Brewing in a research report on Thursday, August 3rd. Societe Generale lowered Molson Coors Brewing from a “buy” rating to a “hold” rating and cut their price objective for the stock from $118.00 to $98.00 in a research report on Thursday, May 4th. Finally, 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. One analyst has rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Molson Coors Brewing has a consensus rating of “Hold” and a consensus target price of $111.60.
In related news, CEO Gavin Hattersley sold 17,215 shares of the company’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 completion of the sale, the chief executive officer now directly owns 99,217 shares of the company’s stock, valued at approximately $9,118,042.30. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.76% of the stock is currently owned by corporate insiders.
About Molson Coors Brewing
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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