Molson Coors Brewing Company (TAP) Rating Increased to Hold at Zacks Investment Research
Molson Coors Brewing Company (NYSE:TAP) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Shares of Molson Coors have declined and underperformed the industry in the past six months. Though the acquisition of the Miller global brands has boosted sales in Europe and international regions, volume continued to decline in Canada. Sales in Canada have been negatively impacted by an overall weak industry performance, ongoing competitive pressures in Quebec and Ontario, along with a continued shift in consumer preference to value brands in the West. In fact, aging population, a stalled economy and stiff competition have been the main contributors to the declining state of the beer industry. However, the company is, therefore, focusing on above-premium brands to help grow its market share. Moreover, Molson Coors has undertaken restructuring initiatives to reduce overhead costs as well as expanding its global footprint through acquisitions. Estimates have been largely stable ahead of the company’s third-quarter 2017 earnings release.”
Several other research firms have also recently weighed in on TAP. BidaskClub cut Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research report on Thursday, June 22nd. Stifel Nicolaus reissued a “buy” rating and set a $111.00 price objective on shares of Molson Coors Brewing in a research report on Friday, July 14th. Cowen and Company reissued a “hold” rating and set a $96.00 price objective on shares of Molson Coors Brewing in a research report on Thursday, September 28th. UBS AG reissued 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 Wednesday, August 9th. Finally, Berenberg Bank initiated coverage on Molson Coors Brewing in a research report on Wednesday, September 13th. They set a “sell” rating and a $78.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. Molson Coors Brewing presently has an average rating of “Hold” and a consensus target price of $105.38.
Shares of Molson Coors Brewing (TAP) opened at 83.18 on Tuesday. The firm’s 50-day moving average price is $86.91 and its 200-day moving average price is $90.61. Molson Coors Brewing has a 52 week low of $80.92 and a 52 week high of $112.19. The firm has a market cap of $17.91 billion, a price-to-earnings ratio of 8.31 and a beta of 0.88.
Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings results on Wednesday, August 2nd. The company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.38). Molson Coors Brewing had a return on equity of 7.41% and a net margin of 19.78%. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.10 billion. During the same period in the prior year, the firm earned $1.11 EPS. Molson Coors Brewing ‘s quarterly revenue was down .6% on a year-over-year basis. Equities research analysts expect that Molson Coors Brewing will post $4.31 EPS for the current fiscal year.
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In other Molson Coors Brewing news, CEO Gavin Hattersley sold 17,215 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $91.90, for a total value of $1,582,058.50. Following the completion of the transaction, the chief executive officer now 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 at this hyperlink. Corporate insiders own 2.76% of the company’s stock.
A number of institutional investors have recently bought and sold shares of TAP. BlackRock Inc. raised its holdings in Molson Coors Brewing by 3,905.7% in the 1st quarter. BlackRock Inc. now owns 10,676,010 shares of the company’s stock valued at $1,021,799,000 after acquiring an additional 10,409,488 shares in the last quarter. Independent Franchise Partners LLP acquired a new position in Molson Coors Brewing in the 2nd quarter valued at approximately $444,131,000. Maverick Capital Ltd. acquired a new position in Molson Coors Brewing in the 2nd quarter valued at approximately $438,738,000. FMR LLC raised its holdings in Molson Coors Brewing by 33.3% in the 1st quarter. FMR LLC now owns 17,667,627 shares of the company’s stock valued at $1,690,969,000 after acquiring an additional 4,417,205 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Molson Coors Brewing by 33.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 16,058,334 shares of the company’s stock valued at $1,386,476,000 after acquiring an additional 4,001,480 shares in the last quarter. 78.32% of the stock is owned by hedge funds and other institutional investors.
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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