Molson Coors Brewing (NYSE:TAP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Molson Coors has been gaining from its focus on above-premium brands, which now form nearly 20% of its total annual brand volumes. Also, the company is making efforts to gain share in the U.S. premium light segment through Coors Light and Miller Lite brands. These factors, focus on cost savings, better pricing and royalty volumes drove results in fourth-quarter 2017. Both the top and bottom line beat estimates and retained the solid year-on-year growth trend, helping the company surpass the industry in the past three months. However, U.S. volumes continued to be soft, with weakness across STRs and STWs due to industry woes. This, along with input cost inflation raises concerns. Nonetheless, Molson Coors’ raised cost savings target, expected gains from tax reforms, focus on First Choice and efforts to strengthen balance sheet bode well. In 2017, the company reduced debt by more than $600 million and also exceeded its free cash flow goal.”
TAP has been the subject of a number of other research reports. Morgan Stanley assumed coverage on Molson Coors Brewing in a report on Tuesday, January 9th. They issued an “equal weight” rating and a $88.00 price objective for the company. Berenberg Bank upgraded Molson Coors Brewing from a “sell” rating to a “hold” rating and set a $78.00 price objective for the company in a report on Thursday, February 8th. BMO Capital Markets assumed coverage on Molson Coors Brewing in a report on Monday, February 5th. They issued an “outperform” rating and a $95.00 price objective for the company. Citigroup dropped their price objective on Molson Coors Brewing from $106.00 to $102.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $116.00 price objective on shares of Molson Coors Brewing in a report on Friday, December 22nd. Eight investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $96.88.
Molson Coors Brewing (NYSE:TAP) traded up $0.02 during midday trading on Wednesday, reaching $79.77. The company had a trading volume of 663,413 shares, compared to its average volume of 1,489,080. The company has a market capitalization of $18,350.00, a P/E ratio of 17.68, a PEG ratio of 1.83 and a beta of 0.79. The company has a quick ratio of 0.47, a current ratio of 0.64 and a debt-to-equity ratio of 0.79. Molson Coors Brewing has a fifty-two week low of $72.71 and a fifty-two week high of $101.18.
Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings data on Wednesday, February 14th. The company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.06. The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.60 billion. Molson Coors Brewing had a return on equity of 7.55% and a net margin of 10.34%. The firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.47 earnings per share. equities research analysts predict that Molson Coors Brewing will post 5.12 EPS for the current year.
In other Molson Coors Brewing news, CFO Tracey Joubert sold 1,000 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $79.15, for a total value of $79,150.00. Following the completion of the sale, the chief financial officer now directly owns 22,839 shares in the company, valued at $1,807,706.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Peter H. Coors sold 55,603 shares of the stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $85.01, for a total value of $4,726,811.03. Following the completion of the sale, the chairman now owns 319,222 shares of the company’s stock, valued at $27,137,062.22. The disclosure for this sale can be found here. 2.76% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in TAP. Independent Franchise Partners LLP increased its holdings in shares of Molson Coors Brewing by 41.3% in the fourth quarter. Independent Franchise Partners LLP now owns 8,707,547 shares of the company’s stock worth $714,628,000 after acquiring an additional 2,546,533 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in shares of Molson Coors Brewing by 852.1% during the third quarter. Epoch Investment Partners Inc. now owns 2,428,882 shares of the company’s stock worth $198,294,000 after buying an additional 2,173,761 shares in the last quarter. Maverick Capital Ltd. grew its holdings in shares of Molson Coors Brewing by 65.2% during the fourth quarter. Maverick Capital Ltd. now owns 3,727,466 shares of the company’s stock worth $305,913,000 after buying an additional 1,471,573 shares in the last quarter. TD Asset Management Inc. grew its holdings in shares of Molson Coors Brewing by 1,749.8% during the third quarter. TD Asset Management Inc. now owns 1,262,242 shares of the company’s stock worth $103,049,000 after buying an additional 1,194,006 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Molson Coors Brewing by 23.4% during the third quarter. Wells Fargo & Company MN now owns 3,185,329 shares of the company’s stock worth $260,048,000 after buying an additional 603,947 shares in the last quarter. Institutional investors own 77.05% of the company’s stock.
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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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