Wedge Capital Management L L P NC lessened its position in Molson Coors Beverage (NYSE:TAP – Free Report) by 5.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 648,704 shares of the company’s stock after selling 40,323 shares during the period. Wedge Capital Management L L P NC owned 0.31% of Molson Coors Beverage worth $37,313,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of the company. Family Firm Inc. bought a new position in Molson Coors Beverage in the 2nd quarter valued at approximately $26,000. Altshuler Shaham Ltd acquired a new stake in shares of Molson Coors Beverage in the second quarter valued at about $27,000. Raleigh Capital Management Inc. lifted its stake in shares of Molson Coors Beverage by 2,087.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares during the period. GPS Wealth Strategies Group LLC boosted its position in Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after acquiring an additional 294 shares during the last quarter. Finally, Transcendent Capital Group LLC acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $36,000. 78.46% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. Citigroup lowered their price objective on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. TD Cowen dropped their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. Finally, UBS Group raised their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $59.21.
Molson Coors Beverage Price Performance
Shares of TAP traded up $0.49 during midday trading on Monday, hitting $54.94. 188,411 shares of the company traded hands, compared to its average volume of 1,924,786. The stock has a 50-day moving average of $54.49 and a 200-day moving average of $55.69. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The firm has a market cap of $11.64 billion, a P/E ratio of 10.89, a PEG ratio of 2.35 and a beta of 0.81.
Molson Coors Beverage (NYSE:TAP – Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.24. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.78 EPS. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.74 EPS for the current fiscal year.
Molson Coors Beverage Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.44 dividend. The ex-dividend date was Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a yield of 3.20%. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.
Molson Coors Beverage Profile
Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.
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