Pinebridge Investments L.P. bought a new stake in Molson Coors Beverage (NYSE:TAP – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 52,797 shares of the company’s stock, valued at approximately $3,232,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of TAP. Pacer Advisors Inc. lifted its stake in shares of Molson Coors Beverage by 9,466.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after purchasing an additional 2,121,211 shares during the period. Norges Bank acquired a new stake in shares of Molson Coors Beverage during the fourth quarter valued at about $127,337,000. AQR Capital Management LLC grew its stake in shares of Molson Coors Beverage by 76.0% during the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after acquiring an additional 1,500,269 shares in the last quarter. Morgan Stanley grew its stake in shares of Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after acquiring an additional 988,864 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Molson Coors Beverage by 57.4% in the third quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after purchasing an additional 449,971 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.
Molson Coors Beverage Stock Performance
Shares of TAP traded down $0.48 during trading hours on Friday, hitting $51.94. The company’s stock had a trading volume of 2,100,688 shares, compared to its average volume of 2,162,195. The company has a market cap of $11.00 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 1.91 and a beta of 0.81. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The business has a 50 day simple moving average of $59.75 and a two-hundred day simple moving average of $61.76. Molson Coors Beverage has a 52-week low of $51.90 and a 52-week high of $70.90.
Molson Coors Beverage (NYSE:TAP – Get Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 EPS. On average, equities analysts expect that Molson Coors Beverage will post 5.68 earnings per share for the current fiscal year.
Molson Coors Beverage Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date is Friday, June 7th. Molson Coors Beverage’s payout ratio is 35.20%.
Analysts Set New Price Targets
TAP has been the topic of a number of recent research reports. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Evercore ISI decreased their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price on the stock. UBS Group cut their target price on shares of Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Finally, Citigroup cut their target price on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $65.07.
Check Out Our Latest Analysis on TAP
Molson Coors Beverage Company 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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