Zacks Investment Research upgraded shares of Molson Coors Brewing (NYSE:TAP) from a hold rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $92.00 price target on the stock.
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 topic of a number of other research reports. Stifel Nicolaus reissued a buy rating and issued a $116.00 price objective on shares of Molson Coors Brewing in a report on Friday, December 22nd. Citigroup lowered their price target on shares of Molson Coors Brewing from $106.00 to $102.00 and set a buy rating on the stock in a report on Friday, November 3rd. Morgan Stanley assumed coverage on shares of Molson Coors Brewing in a report on Tuesday, January 9th. They set an equal weight rating and a $88.00 price target on the stock. Deutsche Bank assumed coverage on shares of Molson Coors Brewing in a report on Wednesday, December 13th. They set a buy rating and a $89.00 price target on the stock. Finally, Barclays assumed coverage on shares of Molson Coors Brewing in a report on Wednesday, January 10th. They set an overweight rating and a $94.00 price target on the stock. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Molson Coors Brewing currently has an average rating of Buy and a consensus price target of $96.88.
Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Wednesday, February 14th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.06. The company had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.60 billion. Molson Coors Brewing had a net margin of 10.34% and a return on equity of 7.55%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 earnings per share. analysts expect 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 Molson Coors Brewing stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $79.15, for a total transaction of $79,150.00. Following the transaction, the chief financial officer now owns 22,839 shares of the company’s stock, valued at $1,807,706.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Peter H. Coors sold 55,603 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $85.01, for a total transaction of $4,726,811.03. Following the completion of the transaction, the chairman now directly owns 319,222 shares in the company, valued at approximately $27,137,062.22. The disclosure for this sale can be found here. 2.76% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in TAP. Janus Henderson Group PLC lifted its holdings in shares of Molson Coors Brewing by 114.4% in the second quarter. Janus Henderson Group PLC now owns 51,241 shares of the company’s stock worth $4,424,000 after buying an additional 27,341 shares in the last quarter. Shell Asset Management Co. lifted its holdings in shares of Molson Coors Brewing by 86.6% in the third quarter. Shell Asset Management Co. now owns 25,844 shares of the company’s stock worth $1,924,000 after buying an additional 11,992 shares in the last quarter. Mutual of America Capital Management LLC lifted its holdings in shares of Molson Coors Brewing by 6.8% in the third quarter. Mutual of America Capital Management LLC now owns 23,666 shares of the company’s stock worth $1,932,000 after buying an additional 1,497 shares in the last quarter. Hermes Investment Management Ltd. lifted its holdings in shares of Molson Coors Brewing by 9.4% in the third quarter. Hermes Investment Management Ltd. now owns 7,738 shares of the company’s stock worth $632,000 after buying an additional 666 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Molson Coors Brewing in the third quarter worth $1,042,000. 77.05% of the stock is currently owned by hedge funds and other institutional investors.
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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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