Quantbot Technologies LP Purchases New Position in Molson Coors Beverage (NYSE:TAP)

Quantbot Technologies LP acquired a new position in shares of Molson Coors Beverage (NYSE:TAP) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 143,773 shares of the company’s stock, valued at approximately $7,308,000.

Several other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $127,337,000. Capital International Investors boosted its stake in Molson Coors Beverage by 10.7% in the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after purchasing an additional 939,142 shares in the last quarter. Ilex Capital Partners UK LLP bought a new stake in shares of Molson Coors Beverage during the first quarter worth $53,096,000. Dimensional Fund Advisors LP grew its holdings in shares of Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during the last quarter. Finally, Royal London Asset Management Ltd. increased its stake in shares of Molson Coors Beverage by 471.2% in the second quarter. Royal London Asset Management Ltd. now owns 452,692 shares of the company’s stock valued at $23,010,000 after buying an additional 373,440 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 1.2 %

Shares of NYSE:TAP opened at $54.94 on Monday. The company has a 50 day moving average price of $53.30 and a two-hundred day moving average price of $57.12. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. The company has a market capitalization of $11.38 billion, a PE ratio of 10.99, a PEG ratio of 2.33 and a beta of 0.81. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The business had revenue of $3.25 billion during 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 firm’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 EPS. Analysts forecast that Molson Coors Beverage will post 5.75 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a yield of 3.20%. Molson Coors Beverage’s payout ratio is 35.20%.

Analysts Set New Price Targets

Several brokerages recently issued reports on TAP. Barclays upped their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a research report on Thursday, August 8th. UBS Group increased their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating and decreased their price objective for the company from $68.00 to $58.00 in a research report on Wednesday, August 7th. Finally, Bank of America dropped their target price on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $60.53.

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.