State of Alaska Department of Revenue grew its position in shares of Molson Coors Brewing Co (NYSE:TAP) by 4.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,880 shares of the company’s stock after buying an additional 1,862 shares during the period. State of Alaska Department of Revenue’s holdings in Molson Coors Brewing were worth $2,436,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Contravisory Investment Management Inc. bought a new stake in Molson Coors Brewing during the first quarter worth $319,000. National Investment Services Inc. WI lifted its position in shares of Molson Coors Brewing by 57.6% during the 1st quarter. National Investment Services Inc. WI now owns 28,568 shares of the company’s stock valued at $1,704,000 after buying an additional 10,444 shares during the last quarter. Machina Capital S.A.S. purchased a new position in shares of Molson Coors Brewing during the 4th quarter valued at $205,000. Pinnacle Bank purchased a new position in shares of Molson Coors Brewing during the 4th quarter valued at $34,000. Finally, Belpointe Asset Management LLC purchased a new position in shares of Molson Coors Brewing during the 4th quarter valued at $352,000. Institutional investors own 76.50% of the company’s stock.
Shares of NYSE TAP opened at $59.53 on Wednesday. The stock has a market capitalization of $12.87 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 3.53 and a beta of 0.77. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.51 and a current ratio of 0.64. Molson Coors Brewing Co has a twelve month low of $54.17 and a twelve month high of $73.87.
Molson Coors Brewing (NYSE:TAP) last announced its earnings results on Tuesday, February 12th. The company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.06. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.53 billion. Molson Coors Brewing had a return on equity of 7.89% and a net margin of 8.37%. The company’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 EPS. Research analysts forecast that Molson Coors Brewing Co will post 4.63 EPS for the current fiscal year.
A number of brokerages have recently commented on TAP. Jefferies Financial Group reaffirmed a “sell” rating on shares of Molson Coors Brewing in a research report on Wednesday, April 10th. Zacks Investment Research cut Molson Coors Brewing from a “hold” rating to a “sell” rating in a research report on Wednesday, February 13th. Deutsche Bank lowered Molson Coors Brewing from a “buy” rating to a “hold” rating and decreased their price objective for the company from $72.00 to $63.00 in a research note on Tuesday, February 12th. Citigroup decreased their price objective on Molson Coors Brewing from $72.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, February 14th. Finally, BMO Capital Markets decreased their price objective on Molson Coors Brewing from $85.00 to $80.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 13th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $71.23.
In other Molson Coors Brewing news, CEO Simon Cox sold 9,497 shares of the company’s stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $60.69, for a total value of $576,372.93. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 2.55% of the stock is owned by corporate insiders.
About Molson Coors Brewing
Molson Coors Brewing Company manufactures, markets, and sells beer and other malt beverage products in the United States, Canada, Europe, and internationally. The company sells various products under the Blue Moon, Coors Banquet, Coors Light, Miller Genuine Draft, Miller Lite, Hamm's, Icehouse, Keystone, Mickey's, Miller64, Miller High Life, Milwaukee's Best, Olde English, Steel Reserve, Grolsch, Hop Valley, Leinenkugel's, Peroni Nastro Azurro, Pilsner Urquell, Revolver, Saint Archer, Sol, Terrapin, Crispin, Smith & Forge, Arnold Palmer Spiked, Henry's Hard, Redd's, and Steel Reserve Alloy Series brands.
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