State of Alaska Department of Revenue Has $2.44 Million Position in Molson Coors Brewing Co (TAP)

State of Alaska Department of Revenue boosted its stake in shares of Molson Coors Brewing Co (NYSE:TAP) by 4.8% during the 1st quarter, HoldingsChannel reports. The firm owned 40,880 shares of the company’s stock after buying an additional 1,862 shares during the quarter. State of Alaska Department of Revenue’s holdings in Molson Coors Brewing were worth $2,436,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acima Private Wealth LLC purchased a new position in shares of Molson Coors Brewing in the fourth quarter valued at about $25,000. Wakefield Asset Management LLLP bought a new position in shares of Molson Coors Brewing during the fourth quarter valued at approximately $26,000. Pinnacle Bank bought a new position in shares of Molson Coors Brewing during the fourth quarter valued at approximately $34,000. Financial Gravity Companies Inc. bought a new position in shares of Molson Coors Brewing during the fourth quarter valued at approximately $60,000. Finally, Quadrant Capital Group LLC grew its stake in shares of Molson Coors Brewing by 18.3% during the fourth quarter. Quadrant Capital Group LLC now owns 1,255 shares of the company’s stock valued at $66,000 after buying an additional 194 shares during the last quarter. Institutional investors own 76.50% of the company’s stock.

A number of research analysts have recently commented on TAP shares. Citigroup cut their target price 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. Deutsche Bank downgraded Molson Coors Brewing from a “buy” rating to a “hold” rating and cut their target price for the company from $72.00 to $63.00 in a research report on Tuesday, February 12th. Morgan Stanley set a $68.00 target price on Molson Coors Brewing and gave the company a “hold” rating in a research report on Thursday, December 20th. BMO Capital Markets cut their target price on Molson Coors Brewing from $85.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 13th. Finally, Jefferies Financial Group reissued a “sell” rating on shares of Molson Coors Brewing in a research report on Wednesday, April 10th. Three analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Molson Coors Brewing presently has an average rating of “Hold” and an average price target of $71.23.

Shares of TAP opened at $59.53 on Wednesday. The stock has a market cap of $12.87 billion, a price-to-earnings ratio of 11.81, a P/E/G 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 fifty-two week low of $54.17 and a fifty-two week high of $73.87.

Molson Coors Brewing (NYSE:TAP) last announced its quarterly earnings results on Tuesday, February 12th. The company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.06. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.53 billion. Molson Coors Brewing had a return on equity of 7.89% and a net margin of 8.37%. The firm’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same period last year, the firm earned $0.62 EPS. On average, analysts expect that Molson Coors Brewing Co will post 4.63 EPS for the current year.

In other Molson Coors Brewing news, CEO Simon Cox sold 9,497 shares of the stock in a transaction dated Tuesday, February 19th. The stock was sold at an average price of $60.69, for a total transaction of $576,372.93. The sale was disclosed in a filing with the SEC, which is available through this link. 2.55% of the stock is currently owned by company insiders.

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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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Institutional Ownership by Quarter for Molson Coors Brewing (NYSE:TAP)

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