Molson Coors Brewing Co (NYSE:TAP) Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its holdings in shares of Molson Coors Brewing Co (NYSE:TAP) by 16.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,405 shares of the company’s stock after selling 2,100 shares during the period. Pinnacle Associates Ltd.’s holdings in Molson Coors Brewing were worth $583,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Icon Wealth Partners LLC acquired a new stake in shares of Molson Coors Brewing in the 1st quarter worth about $27,000. Synovus Financial Corp bought a new stake in shares of Molson Coors Brewing during the 1st quarter worth approximately $30,000. Investors Research Corp acquired a new position in shares of Molson Coors Brewing during the 1st quarter worth approximately $36,000. Coastal Investment Advisors Inc. increased its holdings in shares of Molson Coors Brewing by 62.5% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 762 shares of the company’s stock worth $44,000 after acquiring an additional 293 shares during the last quarter. Finally, Acima Private Wealth LLC increased its holdings in shares of Molson Coors Brewing by 81.2% during the 1st quarter. Acima Private Wealth LLC now owns 810 shares of the company’s stock worth $48,000 after acquiring an additional 363 shares during the last quarter. Institutional investors own 74.99% of the company’s stock.

Shares of NYSE TAP opened at $50.07 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.64 and a quick ratio of 0.47. The stock’s fifty day moving average price is $53.80 and its two-hundred day moving average price is $58.00. Molson Coors Brewing Co has a one year low of $49.92 and a one year high of $69.13. The firm has a market cap of $11.20 billion, a price-to-earnings ratio of 9.93, a P/E/G ratio of 2.66 and a beta of 0.79.

Molson Coors Brewing (NYSE:TAP) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.65 by ($0.13). Molson Coors Brewing had a net margin of 6.85% and a return on equity of 7.33%. The firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3.03 billion. During the same period in the prior year, the company earned $1.88 earnings per share. The business’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities analysts anticipate that Molson Coors Brewing Co will post 4.36 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be issued a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 4.55%. This is a positive change from Molson Coors Brewing’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend is Thursday, August 29th. Molson Coors Brewing’s dividend payout ratio is currently 32.54%.

A number of research analysts recently weighed in on the company. BMO Capital Markets boosted their target price on Molson Coors Brewing to $65.00 in a report on Thursday, August 1st. Credit Suisse Group assumed coverage on Molson Coors Brewing in a report on Monday, June 10th. They set an “underperform” rating and a $50.00 target price on the stock. Guggenheim decreased their target price on Molson Coors Brewing from $63.00 to $52.00 and set a “neutral” rating on the stock in a report on Thursday, August 1st. Zacks Investment Research raised Molson Coors Brewing from a “sell” rating to a “hold” rating in a report on Thursday, May 2nd. Finally, Bryan, Garnier & Co reissued a “sell” rating and set a $51.00 target price on shares of Molson Coors Brewing in a report on Thursday, August 1st. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. Molson Coors Brewing presently has an average rating of “Hold” and a consensus target price of $62.91.

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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