Trade Report: The Molson Coors Brewing Co. (TAP) Stake Raised by Sumitomo Mitsui Asset Management Company LTD

The Molson Coors Brewing Co. (TAP) Stake Raised by Sumitomo Mitsui Asset Management Company LTD

Sumitomo Mitsui Asset Management Company LTD raised its stake in Molson Coors Brewing Co. (NYSE:TAP) by 1.6% during the second quarter, Holdings Channel reports. The fund owned 16,717 shares of the company’s stock after buying an additional 265 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Molson Coors Brewing were worth $1,690,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in TAP. Park Avenue Institutional Advisers LLC increased its stake in shares of Molson Coors Brewing by 12.0% in the first quarter. Park Avenue Institutional Advisers LLC now owns 1,144 shares of the company’s stock worth $110,000 after buying an additional 123 shares in the last quarter. Parametrica Management Ltd purchased a new stake in shares of Molson Coors Brewing during the second quarter worth approximately $203,000. Montag & Caldwell LLC increased its stake in shares of Molson Coors Brewing by 6.6% in the second quarter. Montag & Caldwell LLC now owns 2,436 shares of the company’s stock worth $246,000 after buying an additional 150 shares in the last quarter. Perkins Capital Management Inc. purchased a new stake in shares of Molson Coors Brewing during the second quarter worth approximately $288,000. Finally, Capital One National Association increased its stake in shares of Molson Coors Brewing by 3.3% in the second quarter. Capital One National Association now owns 2,912 shares of the company’s stock worth $294,000 after buying an additional 92 shares in the last quarter. 77.65% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Brewing Co. (NYSE:TAP) traded down 0.77% during mid-day trading on Monday, hitting $110.39. 1,134,508 shares of the stock traded hands. The firm has a market cap of $23.71 billion, a price-to-earnings ratio of 57.23 and a beta of 0.88. Molson Coors Brewing Co. has a 1-year low of $80.78 and a 1-year high of $112.19. The stock has a 50-day moving average of $105.81 and a 200 day moving average of $100.55.

Molson Coors Brewing (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.11. The company had revenue of $986.20 million for the quarter, compared to analyst estimates of $970.25 million. Molson Coors Brewing had a net margin of 7.54% and a return on equity of 8.21%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.41 earnings per share. On average, equities analysts expect that Molson Coors Brewing Co. will post $3.29 EPS for the current year.

A number of brokerages have commented on TAP. Susquehanna reissued a “buy” rating and issued a $130.00 price objective on shares of Molson Coors Brewing in a research report on Sunday, July 17th. Zacks Investment Research upgraded shares of Molson Coors Brewing from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a report on Tuesday, July 12th. Bank of America Corp. started coverage on shares of Molson Coors Brewing in a report on Monday, October 10th. They issued a “buy” rating and a $140.00 target price for the company. Stifel Nicolaus restated a “top pick” rating on shares of Molson Coors Brewing in a report on Wednesday, July 6th. Finally, Citigroup Inc. upgraded shares of Molson Coors Brewing from a “neutral” rating to a “buy” rating and upped their target price for the company from $101.00 to $115.00 in a report on Friday, July 29th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $122.10.

In other news, CEO Krishnan Anand sold 13,000 shares of Molson Coors Brewing stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $107.00, for a total transaction of $1,391,000.00. Following the sale, the chief executive officer now owns 29,676 shares in the company, valued at $3,175,332. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew Thomas Molson sold 1,173 shares of Molson Coors Brewing stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $99.49, for a total transaction of $116,701.77. Following the sale, the director now owns 6,834 shares in the company, valued at approximately $679,914.66. The disclosure for this sale can be found here. Insiders own 2.53% of the company’s stock.

About Molson Coors Brewing

Molson Coors Brewing Company (MCBC) is a holding company that operates as a brewer. The Company has a portfolio of brands, including Carling, Coors Light, Molson Canadian and Staropramen, as well as craft and specialty beers, such as Blue Moon, Creemore Springs, Cobra and Doom Bar. The Company operates through four segments: Molson Coors Canada (MCC or Canada segment); MillerCoors LLC (MillerCoors or U.S.

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