November 10, 2019 at 6:13 pm

Mackay Shields LLC Sells 43,602 Shares of Molson Coors Brewing Co (NYSE:TAP)

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Mackay Shields LLC lowered its holdings in shares of Molson Coors Brewing Co (NYSE:TAP) by 34.2% in the third quarter, HoldingsChannel reports. The firm owned 83,745 shares of the company’s stock after selling 43,602 shares during the period. Mackay Shields LLC’s holdings in Molson Coors Brewing were worth $4,816,000 as of its most recent filing with the SEC.

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Other institutional investors have also bought and sold shares of the company. Bridges Investment Management Inc. grew its holdings in Molson Coors Brewing by 7.6% during the second quarter. Bridges Investment Management Inc. now owns 6,400 shares of the company’s stock worth $358,000 after purchasing an additional 454 shares during the period. Atria Investments LLC bought a new position in Molson Coors Brewing during the second quarter worth about $1,050,000. GAM Holding AG grew its holdings in Molson Coors Brewing by 1.4% during the second quarter. GAM Holding AG now owns 74,837 shares of the company’s stock worth $4,191,000 after purchasing an additional 1,056 shares during the period. Capital Investment Advisors LLC grew its holdings in Molson Coors Brewing by 10.0% during the second quarter. Capital Investment Advisors LLC now owns 26,685 shares of the company’s stock worth $1,494,000 after purchasing an additional 2,436 shares during the period. Finally, Asahi Life Asset Management CO. LTD. bought a new position in Molson Coors Brewing during the second quarter worth about $317,000. Institutional investors and hedge funds own 76.16% of the company’s stock.

In other Molson Coors Brewing news, VP Brian Tabolt sold 1,825 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $56.94, for a total transaction of $103,915.50. Following the completion of the transaction, the vice president now directly owns 6,218 shares in the company, valued at $354,052.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.48% of the stock is owned by insiders.

A number of brokerages have recently issued reports on TAP. Bryan, Garnier & Co restated a “sell” rating and set a $51.00 price objective on shares of Molson Coors Brewing in a report on Thursday, August 1st. Citigroup set a $60.00 price objective on Molson Coors Brewing and gave the stock a “buy” rating in a report on Friday, November 1st. Berenberg Bank restated a “hold” rating and set a $51.00 price objective on shares of Molson Coors Brewing in a report on Friday, November 1st. ValuEngine upgraded Molson Coors Brewing from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, Deutsche Bank reduced their price objective on Molson Coors Brewing from $56.00 to $50.00 and set a “hold” rating for the company in a report on Thursday, October 31st. Six analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $58.64.

Shares of NYSE TAP traded up $0.28 during midday trading on Friday, reaching $53.79. The company’s stock had a trading volume of 1,043,371 shares, compared to its average volume of 1,685,607. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.42 and a current ratio of 0.59. Molson Coors Brewing Co has a fifty-two week low of $49.92 and a fifty-two week high of $67.24. The business’s 50 day moving average price is $56.00 and its two-hundred day moving average price is $55.78. The company has a market cap of $11.77 billion, a P/E ratio of 10.67, a P/E/G ratio of 2.11 and a beta of 0.77.

Molson Coors Brewing (NYSE:TAP) last released its quarterly earnings results on Wednesday, October 30th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.02. Molson Coors Brewing had a net margin of 1.19% and a return on equity of 6.86%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same period in the previous year, the business earned $1.84 earnings per share. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts forecast that Molson Coors Brewing Co will post 4.3 earnings per share for the current fiscal year.

Molson Coors Brewing Profile

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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