Pictet Asset Management Ltd. raised its stake in shares of Molson Coors Brewing Company (NYSE:TAP) by 13.6% during the second quarter, Holdings Channel reports. The fund owned 254,759 shares of the company’s stock after buying an additional 30,430 shares during the period. Pictet Asset Management Ltd.’s holdings in Molson Coors Brewing were worth $24,149,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. Amica Retiree Medical Trust acquired a new stake in Molson Coors Brewing during the first quarter valued at about $105,000. Bessemer Group Inc. raised its stake in Molson Coors Brewing by 12.8% in the second quarter. Bessemer Group Inc. now owns 1,230 shares of the company’s stock valued at $106,000 after buying an additional 140 shares during the last quarter. Penserra Capital Management LLC raised its stake in Molson Coors Brewing by 9.5% in the first quarter. Penserra Capital Management LLC now owns 1,196 shares of the company’s stock valued at $114,000 after buying an additional 104 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Molson Coors Brewing during the first quarter valued at about $130,000. Finally, Korea Investment CORP raised its stake in Molson Coors Brewing by 142.0% in the second quarter. Korea Investment CORP now owns 1,750 shares of the company’s stock valued at $151,000 after buying an additional 1,027 shares during the last quarter. Institutional investors and hedge funds own 79.50% of the company’s stock.

Shares of Molson Coors Brewing Company (TAP) opened at 90.20 on Friday. The stock has a market capitalization of $19.42 billion, a price-to-earnings ratio of 9.01 and a beta of 0.91. The stock’s 50 day moving average is $87.99 and its 200-day moving average is $93.53. Molson Coors Brewing Company has a 12-month low of $85.34 and a 12-month high of $112.19.

Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings results on Wednesday, August 2nd. The company reported $1.66 EPS for the quarter, missing the 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 net margin of 19.78% and a return on equity of 7.41%. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.11 earnings per share. On average, analysts expect that Molson Coors Brewing Company will post $4.31 earnings per share for the current year.

The company also recently declared 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. The ex-dividend date of this dividend is Tuesday, August 29th. This represents a $1.64 annualized dividend and a yield of 1.82%. Molson Coors Brewing ‘s payout ratio is 16.38%.

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Several analysts have issued reports on TAP shares. Susquehanna Bancshares Inc set a $114.00 price target on shares of Molson Coors Brewing and gave the company a “buy” rating in a research report on Saturday, June 3rd. Stifel Nicolaus restated a “buy” rating and set a $111.00 price target on shares of Molson Coors Brewing in a research report on Friday, July 14th. Cowen and Company restated a “hold” rating and set a $96.00 price target on shares of Molson Coors Brewing in a research report on Friday, July 14th. Societe Generale lowered shares of Molson Coors Brewing from a “buy” rating to a “hold” rating and cut their price target for the company from $118.00 to $98.00 in a research report on Thursday, May 4th. Finally, Credit Suisse Group set a $96.00 price target on shares of Molson Coors Brewing and gave the company a “hold” rating in a research report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average 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 dated 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 transaction, the chief executive officer now directly owns 99,217 shares in the company, valued at approximately $9,118,042.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.53% of the company’s stock.

Molson Coors Brewing Company Profile

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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Institutional Ownership by Quarter for Molson Coors Brewing  (NYSE:TAP)

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