Integrated Wealth Concepts LLC Increases Position in Molson Coors Beverage (NYSE:TAP)

Integrated Wealth Concepts LLC grew its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 14.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 17,491 shares of the company’s stock after purchasing an additional 2,256 shares during the period. Integrated Wealth Concepts LLC’s holdings in Molson Coors Beverage were worth $1,006,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TAP. Family Firm Inc. purchased a new position in Molson Coors Beverage during the second quarter valued at $26,000. Altshuler Shaham Ltd bought a new position in shares of Molson Coors Beverage during the second quarter valued at $27,000. GPS Wealth Strategies Group LLC boosted its stake in Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares in the last quarter. Ashton Thomas Securities LLC bought a new stake in Molson Coors Beverage during the 3rd quarter valued at about $35,000. Finally, Gladius Capital Management LP purchased a new position in Molson Coors Beverage in the third quarter worth about $42,000. 78.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TAP. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the company from $57.00 to $70.00 in a research report on Friday. BNP Paribas started coverage on Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. JPMorgan Chase & Co. boosted their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. TD Cowen dropped their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Finally, Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $61.13 on Monday. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The business has a 50-day moving average price of $58.05 and a 200-day moving average price of $54.73. The firm has a market cap of $12.59 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 2.39 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.92 EPS. As a group, equities research analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.88%. Molson Coors Beverage’s payout ratio is 39.64%.

About Molson Coors Beverage

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.