The Sumitomo Mitsui Asset Management Company LTD Has $1,721,000 Stake in Molson Coors Brewing Co. (TAP)

The Sumitomo Mitsui Asset Management Company LTD Has $1,721,000 Stake in Molson Coors Brewing Co. (TAP)

Sumitomo Mitsui Asset Management Company LTD reduced its position in Molson Coors Brewing Co. (NYSE:TAP) by 6.2% during the third quarter, Holdings Channel reports. The fund owned 15,680 shares of the company’s stock after selling 1,037 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Molson Coors Brewing were worth $1,721,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. boosted its stake in shares of Molson Coors Brewing by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,529,768 shares of the company’s stock worth $458,095,000 after buying an additional 33,754 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Molson Coors Brewing by 6.4% in the second quarter. BlackRock Fund Advisors now owns 2,805,987 shares of the company’s stock worth $283,769,000 after buying an additional 168,806 shares during the last quarter. TIAA CREF Investment Management LLC boosted its stake in shares of Molson Coors Brewing by 1.8% in the second quarter. TIAA CREF Investment Management LLC now owns 2,738,518 shares of the company’s stock worth $276,946,000 after buying an additional 47,720 shares during the last quarter. Waddell & Reed Financial Inc. boosted its stake in shares of Molson Coors Brewing by 2.1% in the second quarter. Waddell & Reed Financial Inc. now owns 2,052,436 shares of the company’s stock worth $207,563,000 after buying an additional 42,269 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of Molson Coors Brewing by 4.8% in the second quarter. BlackRock Group LTD now owns 1,438,458 shares of the company’s stock worth $145,471,000 after buying an additional 66,302 shares during the last quarter. Institutional investors and hedge funds own 77.12% of the company’s stock.

Shares of Molson Coors Brewing Co. (NYSE:TAP) opened at 97.62 on Friday. The company has a market cap of $20.98 billion, a price-to-earnings ratio of 35.24 and a beta of 0.92. The firm has a 50-day moving average of $97.71 and a 200 day moving average of $101.50. Molson Coors Brewing Co. has a one year low of $80.78 and a one year high of $112.19.

Molson Coors Brewing (NYSE:TAP) last released its earnings results on Tuesday, November 1st. The company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.05 by $0.02. Molson Coors Brewing had a net margin of 11.48% and a return on equity of 7.21%. The firm earned $947.60 million during the quarter, compared to the consensus estimate of $985.75 million. During the same period in the prior year, the business posted $1.40 earnings per share. Molson Coors Brewing’s quarterly revenue was down 6.9% compared to the same quarter last year. Equities research analysts anticipate that Molson Coors Brewing Co. will post $5.93 EPS for the current year.

A number of analysts have recently weighed in on TAP shares. Zacks Investment Research cut shares of Molson Coors Brewing from a “buy” rating to a “hold” rating in a research note on Friday, November 4th. Susquehanna set a $152.00 target price on shares of Molson Coors Brewing and gave the company a “buy” rating in a research note on Sunday, December 4th. Bank of America Corp. initiated coverage on shares of Molson Coors Brewing in a research note on Monday, October 10th. They set a “buy” rating and a $140.00 target price for the company. Goldman Sachs Group Inc. initiated coverage on shares of Molson Coors Brewing in a research note on Monday, October 10th. They set a “buy” rating and a $130.00 target price for the company. Finally, Stifel Nicolaus cut their target price on shares of Molson Coors Brewing from $117.00 to $113.00 and set a “buy” rating for the company in a research note on Tuesday, December 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $125.00.

In related news, CEO Mark Hunter sold 5,851 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $100.00, for a total value of $585,100.00. Following the completion of the transaction, the chief executive officer now directly owns 80,785 shares of the company’s stock, valued at $8,078,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Chairman Geoffrey E. Molson bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 7th. The stock was purchased at an average cost of $127.75 per share, with a total value of $127,750.00. Following the completion of the purchase, the chairman now directly owns 1,000 shares of the company’s stock, valued at approximately $127,750. The disclosure for this purchase can be found here. 2.53% of the stock is currently owned by company insiders.

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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