Cascade Investment Advisors Inc. Purchases Shares of 9,385 Molson Coors Brewing Co (TAP)
Cascade Investment Advisors Inc. purchased a new stake in Molson Coors Brewing Co (NYSE:TAP) in the 4th quarter, Holdings Channel reports. The firm purchased 9,385 shares of the company’s stock, valued at approximately $770,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in TAP. Maverick Capital Ltd. purchased a new position in shares of Molson Coors Brewing in the second quarter valued at $438,738,000. Epoch Investment Partners Inc. grew its position in Molson Coors Brewing by 852.1% during the third quarter. Epoch Investment Partners Inc. now owns 2,428,882 shares of the company’s stock worth $198,294,000 after buying an additional 2,173,761 shares in the last quarter. TD Asset Management Inc. grew its position in Molson Coors Brewing by 1,749.8% during the third quarter. TD Asset Management Inc. now owns 1,262,242 shares of the company’s stock worth $103,049,000 after buying an additional 1,194,006 shares in the last quarter. Independent Franchise Partners LLP grew its position in Molson Coors Brewing by 19.8% during the third quarter. Independent Franchise Partners LLP now owns 6,161,014 shares of the company’s stock worth $502,985,000 after buying an additional 1,017,035 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Molson Coors Brewing by 23.4% during the third quarter. Wells Fargo & Company MN now owns 3,185,329 shares of the company’s stock worth $260,048,000 after buying an additional 603,947 shares in the last quarter. Institutional investors own 77.67% of the company’s stock.
In other news, CFO Tracey Joubert sold 1,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $79.15, for a total value of $79,150.00. Following the completion of the transaction, the chief financial officer now directly owns 22,839 shares in the company, valued at approximately $1,807,706.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.76% of the stock is currently owned by corporate insiders.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $1.34 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.34. Molson Coors Brewing had a return on equity of 7.54% and a net margin of 17.04%. The firm had revenue of $2.88 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the business earned $1.03 EPS. The company’s revenue for the quarter was up 204.3% compared to the same quarter last year. research analysts expect that Molson Coors Brewing Co will post 4.33 EPS for the current fiscal year.
Several research firms recently commented on TAP. Morgan Stanley began coverage on Molson Coors Brewing in a research report on Tuesday, January 9th. They set an “equal weight” rating and a $88.00 target price for the company. Susquehanna Bancshares restated a “buy” rating and set a $108.00 target price (down from $118.00) on shares of Molson Coors Brewing in a research report on Friday, September 22nd. Citigroup reduced their target price on Molson Coors Brewing from $106.00 to $102.00 and set a “buy” rating for the company in a research report on Friday, November 3rd. Stifel Nicolaus restated a “buy” rating and set a $116.00 target price on shares of Molson Coors Brewing in a research report on Friday, December 22nd. Finally, Zacks Investment Research cut Molson Coors Brewing from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $96.94.
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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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