Molson Coors Brewing Co (TAP) Stake Raised by Cadence Capital Management LLC
Cadence Capital Management LLC lifted its position in shares of Molson Coors Brewing Co (NYSE:TAP) by 70.6% in the 3rd quarter, Holdings Channel reports. The firm owned 16,386 shares of the company’s stock after purchasing an additional 6,781 shares during the period. Cadence Capital Management LLC’s holdings in Molson Coors Brewing were worth $1,008,000 as of its most recent SEC filing.
Other institutional investors have also recently added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new stake in shares of Molson Coors Brewing during the 3rd quarter worth $105,000. Independent Order of Foresters purchased a new stake in shares of Molson Coors Brewing during the 2nd quarter worth $141,000. Strategic Wealth Partners Ltd. purchased a new stake in shares of Molson Coors Brewing during the 2nd quarter worth $214,000. Capital One National Association purchased a new stake in shares of Molson Coors Brewing during the 2nd quarter worth $231,000. Finally, Barings LLC purchased a new stake in shares of Molson Coors Brewing during the 2nd quarter worth $245,000. 76.76% of the stock is owned by institutional investors and hedge funds.
Shares of TAP opened at $64.50 on Monday. Molson Coors Brewing Co has a 1-year low of $55.52 and a 1-year high of $85.86. The firm has a market capitalization of $13.80 billion, a P/E ratio of 14.43, a P/E/G ratio of 2.84 and a beta of 0.56. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.49.
A number of brokerages recently weighed in on TAP. Zacks Investment Research raised shares of Molson Coors Brewing from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. Susquehanna Bancshares boosted their price target on shares of Molson Coors Brewing from $80.00 to $84.00 and gave the company a “positive” rating in a research report on Thursday, August 2nd. ValuEngine raised shares of Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Citigroup reduced their price target on shares of Molson Coors Brewing from $78.00 to $72.00 and set a “buy” rating for the company in a research report on Thursday, November 1st. Finally, Morgan Stanley boosted their price target on shares of Molson Coors Brewing from $69.00 to $74.00 and gave the company an “equal weight” rating in a research report on Thursday, August 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $75.36.
In other Molson Coors Brewing news, insider Krishnan Anand sold 2,595 shares of Molson Coors Brewing stock in a transaction on Monday, October 1st. The shares were sold at an average price of $61.42, for a total value of $159,384.90. Following the transaction, the insider now directly owns 49,578 shares in the company, valued at $3,045,080.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 7,785 shares of company stock worth $499,512. 2.55% of the stock is currently owned by company insiders.
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Molson Coors Brewing Company Profile
Molson Coors Brewing Company manufactures and sells beer and other beverage products in the United States, Canada, Europe, and internationally. It sells various products under the Coors Light, Miller Lite, Coors Banquet, the Blue Moon Brewing Company brands, the Jacob Leinenkugel Brewing Company brands, Keystone, Icehouse, Mickey's, Miller 64, Miller Genuine Draft, Miller High Life, Milwaukee's Best, Hamm's, Olde English 800, Steel Reserve, Crispin, Smith & Forge, Redd's, the Henry's Hard Soda, and Steel Reserve Alloy Series brands.
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