Piedmont Investment Advisors LLC Invests $3.06 Million in Molson Coors Brewing Company (TAP)
Piedmont Investment Advisors LLC bought a new stake in Molson Coors Brewing Company (NYSE:TAP) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 37,460 shares of the company’s stock, valued at approximately $3,058,000.
Several other institutional investors and hedge funds have also made changes to their positions in TAP. Dupont Capital Management Corp acquired a new position in shares of Molson Coors Brewing in the 3rd quarter valued at approximately $103,000. Bessemer Group Inc. raised its position in shares of Molson Coors Brewing by 12.8% in the 2nd quarter. Bessemer Group Inc. now owns 1,230 shares of the company’s stock valued at $106,000 after purchasing an additional 140 shares in the last quarter. Krilogy Financial LLC raised its position in shares of Molson Coors Brewing by 4,646.4% in the 2nd quarter. Krilogy Financial LLC now owns 1,329 shares of the company’s stock valued at $115,000 after purchasing an additional 1,301 shares in the last quarter. Sun Life Financial INC raised its position in shares of Molson Coors Brewing by 14,900.0% in the 2nd quarter. Sun Life Financial INC now owns 1,350 shares of the company’s stock valued at $117,000 after purchasing an additional 1,341 shares in the last quarter. Finally, Penserra Capital Management LLC raised its position in shares of Molson Coors Brewing by 30.4% in the 2nd quarter. Penserra Capital Management LLC now owns 1,560 shares of the company’s stock valued at $134,000 after purchasing an additional 364 shares in the last quarter. 78.00% of the stock is currently owned by institutional investors.
Several equities research analysts recently issued reports on the company. Susquehanna Bancshares set a $118.00 price target on Molson Coors Brewing and gave the company a “buy” rating in a research report on Tuesday, August 29th. Citigroup dropped their price target on Molson Coors Brewing from $106.00 to $102.00 and set a “buy” rating on the stock in a research report on Friday, November 3rd. Zacks Investment Research lowered Molson Coors Brewing from a “hold” rating to a “sell” rating in a research report on Tuesday, October 10th. Credit Suisse Group set a $92.00 price target on Molson Coors Brewing and gave the company a “hold” rating in a research report on Friday, September 29th. Finally, Berenberg Bank assumed coverage on Molson Coors Brewing in a research report on Wednesday, September 13th. They set a “sell” rating and a $78.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $98.02.
Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $1.34 EPS for the quarter, hitting the Zacks’ consensus estimate of $1.34. The firm had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.97 billion. Molson Coors Brewing had a return on equity of 7.54% and a net margin of 17.04%. The firm’s revenue was up 204.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.03 EPS. equities research analysts forecast that Molson Coors Brewing Company will post 4.34 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Thursday, November 30th will be paid a dividend of $0.41 per share. The ex-dividend date is Wednesday, November 29th. This represents a $1.64 dividend on an annualized basis and a yield of 2.07%. Molson Coors Brewing’s payout ratio is currently 15.83%.
In related news, CFO Tracey Joubert sold 1,000 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $79.15, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available through this link. 2.76% of the stock is owned by corporate insiders.
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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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