CIBC Asset Management Inc Sells 1,109 Shares of Molson Coors Brewing Co (TAP)
CIBC Asset Management Inc lowered its stake in shares of Molson Coors Brewing Co (NYSE:TAP) by 5.2% during the first quarter, Holdings Channel reports. The institutional investor owned 20,066 shares of the company’s stock after selling 1,109 shares during the quarter. CIBC Asset Management Inc’s holdings in Molson Coors Brewing were worth $1,197,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TAP. Oregon Public Employees Retirement Fund boosted its stake in Molson Coors Brewing by 10,185.8% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 5,587,752 shares of the company’s stock worth $99,000 after buying an additional 5,533,427 shares during the last quarter. LSV Asset Management boosted its stake in Molson Coors Brewing by 317.4% during the fourth quarter. LSV Asset Management now owns 3,570,297 shares of the company’s stock worth $200,507,000 after buying an additional 2,714,997 shares during the last quarter. Boston Partners boosted its stake in Molson Coors Brewing by 223.5% during the first quarter. Boston Partners now owns 3,581,150 shares of the company’s stock worth $213,616,000 after buying an additional 2,474,052 shares during the last quarter. Norges Bank acquired a new position in Molson Coors Brewing during the fourth quarter worth $59,788,000. Finally, BlackRock Inc. boosted its stake in Molson Coors Brewing by 6.1% during the fourth quarter. BlackRock Inc. now owns 14,961,904 shares of the company’s stock worth $840,259,000 after buying an additional 857,107 shares during the last quarter. 76.96% of the stock is currently owned by institutional investors.
In other Molson Coors Brewing news, CEO Mark Hunter sold 11,287 shares of Molson Coors Brewing stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $60.06, for a total value of $677,897.22. Following the sale, the chief executive officer now owns 166,743 shares in the company, valued at $10,014,584.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.48% of the stock is owned by insiders.
Molson Coors Brewing (NYSE:TAP) last posted its earnings results on Wednesday, May 1st. The company reported $0.52 EPS for the quarter, missing the Zacks’ consensus estimate of $0.57 by ($0.05). Molson Coors Brewing had a net margin of 7.46% and a return on equity of 7.92%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same quarter in the prior year, the firm earned $0.48 EPS. Molson Coors Brewing’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, research analysts predict that Molson Coors Brewing Co will post 4.63 EPS for the current fiscal year.
TAP has been the topic of a number of recent research reports. Zacks Investment Research raised Molson Coors Brewing from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Jefferies Financial Group reissued a “sell” rating on shares of Molson Coors Brewing in a research note on Tuesday, February 12th. BMO Capital Markets lowered their price objective on Molson Coors Brewing from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 13th. Citigroup lowered their price objective on Molson Coors Brewing from $72.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, February 14th. Finally, Deutsche Bank lowered Molson Coors Brewing from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $72.00 to $63.00 in a research note on Tuesday, February 12th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $69.91.
Molson Coors Brewing Company Profile
Molson Coors Brewing Company manufactures, markets, and sells beer and other malt beverage products in the United States, Canada, Europe, and internationally. The company sells various products under the Blue Moon, Coors Banquet, Coors Light, Miller Genuine Draft, Miller Lite, Hamm's, Icehouse, Keystone, Mickey's, Miller64, Miller High Life, Milwaukee's Best, Olde English, Steel Reserve, Grolsch, Hop Valley, Leinenkugel's, Peroni Nastro Azurro, Pilsner Urquell, Revolver, Saint Archer, Sol, Terrapin, Crispin, Smith & Forge, Arnold Palmer Spiked, Henry's Hard, Redd's, and Steel Reserve Alloy Series brands.
See Also: Green Investing
Want to see what other hedge funds are holding TAP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Molson Coors Brewing Co (NYSE:TAP).
Receive News & Ratings for Molson Coors Brewing Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Molson Coors Brewing and related companies with MarketBeat.com's FREE daily email newsletter.