Molson Coors Brewing (TAP) Shares Up 9.9% Following Earnings Beat

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Molson Coors Brewing Co (NYSE:TAP)’s share price shot up 9.9% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $64.91 and last traded at $64.00. 6,224,453 shares changed hands during mid-day trading, an increase of 194% from the average session volume of 2,116,857 shares. The stock had previously closed at $58.21.

The company reported $1.84 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.59 by $0.25. The company had revenue of $2.93 billion during the quarter, compared to the consensus estimate of $2.92 billion. Molson Coors Brewing had a net margin of 11.68% and a return on equity of 6.97%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.34 earnings per share.

Several research firms have commented on TAP. Jefferies Financial Group began coverage on shares of Molson Coors Brewing in a research report on Friday, September 7th. They issued an “underperform” rating and a $55.00 target price for the company. Berenberg Bank set a $67.00 target price on shares of Molson Coors Brewing and gave the stock a “hold” rating in a research report on Tuesday, September 11th. Susquehanna Bancshares boosted their target price on shares of Molson Coors Brewing from $80.00 to $84.00 and gave the stock a “positive” rating in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of Molson Coors Brewing from a “sell” rating to a “hold” rating in a report on Friday, October 26th. Finally, Standpoint Research started coverage on shares of Molson Coors Brewing in a report on Tuesday, October 23rd. They set a “buy” rating and a $72.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. Molson Coors Brewing presently has an average rating of “Hold” and a consensus price target of $75.79.

In related news, insider Krishnan Anand sold 2,595 shares of the company’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $61.42, for a total transaction of $159,384.90. Following the completion of the sale, the insider now directly owns 49,578 shares of the company’s stock, valued at approximately $3,045,080.76. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.55% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of TAP. Truvestments Capital LLC bought a new stake in Molson Coors Brewing in the 3rd quarter valued at $105,000. Independent Order of Foresters bought a new stake in Molson Coors Brewing in the 2nd quarter valued at $141,000. Strategic Wealth Partners Ltd. bought a new stake in Molson Coors Brewing in the 2nd quarter valued at $214,000. Capital One National Association bought a new stake in Molson Coors Brewing in the 2nd quarter valued at $231,000. Finally, Barings LLC bought a new stake in Molson Coors Brewing in the 2nd quarter valued at $245,000. 76.15% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.51 and a current ratio of 0.66. The firm has a market cap of $12.02 billion, a price-to-earnings ratio of 14.32, a price-to-earnings-growth ratio of 2.36 and a beta of 0.73.

About Molson Coors Brewing (NYSE:TAP)

Molson Coors Brewing Company manufactures and sells beer and other beverage products in the United States, Canada, Europe, and internationally. It sells various products under the Coors Light, Miller Lite, Coors Banquet, the Blue Moon Brewing Company brands, the Jacob Leinenkugel Brewing Company brands, Keystone, Icehouse, Mickey's, Miller 64, Miller Genuine Draft, Miller High Life, Milwaukee's Best, Hamm's, Olde English 800, Steel Reserve, Crispin, Smith & Forge, Redd's, the Henry's Hard Soda, and Steel Reserve Alloy Series brands.

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