Westbourne Investment Advisors Inc. lessened its holdings in Molson Coors Brewing Co (NYSE:TAP) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,615 shares of the company’s stock after selling 415 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Molson Coors Brewing were worth $818,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in TAP. Icon Wealth Partners LLC acquired a new stake in shares of Molson Coors Brewing in the 1st quarter valued at $27,000. Synovus Financial Corp acquired a new stake in shares of Molson Coors Brewing in the 1st quarter valued at $30,000. Pinnacle Bank acquired a new stake in shares of Molson Coors Brewing in the 4th quarter valued at $34,000. Massey Quick Simon & CO. LLC acquired a new stake in shares of Molson Coors Brewing in the 1st quarter valued at $36,000. Finally, Investors Research Corp acquired a new stake in shares of Molson Coors Brewing in the 1st quarter valued at $36,000. 77.75% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Mark Hunter sold 11,287 shares of Molson Coors Brewing stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $60.06, for a total value of $677,897.22. Following the transaction, the chief executive officer now owns 166,743 shares in the company, valued at approximately $10,014,584.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.48% of the company’s stock.
Molson Coors Brewing (NYSE:TAP) last announced its earnings results on Wednesday, July 31st. The company reported $1.52 EPS for the quarter, missing the consensus estimate of $1.65 by ($0.13). The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3.03 billion. Molson Coors Brewing had a return on equity of 7.92% and a net margin of 7.46%. The business’s revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the business earned $1.88 EPS. As a group, research analysts forecast that Molson Coors Brewing Co will post 4.59 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Friday, August 30th will be issued a $0.57 dividend. This represents a $2.28 annualized dividend and a yield of 4.37%. The ex-dividend date of this dividend is Thursday, August 29th. This is an increase from Molson Coors Brewing’s previous quarterly dividend of $0.41. Molson Coors Brewing’s dividend payout ratio (DPR) is 32.54%.
Several research firms recently issued reports on TAP. Jefferies Financial Group reaffirmed a “sell” rating on shares of Molson Coors Brewing in a research note on Wednesday, April 10th. Bryan, Garnier & Co reaffirmed a “sell” rating and issued a $51.00 price objective on shares of Molson Coors Brewing in a research note on Thursday. ValuEngine lowered shares of Molson Coors Brewing from a “sell” rating to a “strong sell” rating in a research note on Friday, July 12th. Guggenheim reduced their price objective on shares of Molson Coors Brewing from $63.00 to $52.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Credit Suisse Group began coverage on shares of Molson Coors Brewing in a research note on Monday, June 10th. They issued an “underperform” rating and a $50.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $64.67.
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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