CIBC Asset Management Inc Purchases 457 Shares of Molson Coors Beverage (NYSE:TAP)

CIBC Asset Management Inc grew its position in shares of Molson Coors Beverage (NYSE:TAP) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,506 shares of the company’s stock after buying an additional 457 shares during the quarter. CIBC Asset Management Inc’s holdings in Molson Coors Beverage were worth $1,806,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in TAP. Creative Planning boosted its stake in Molson Coors Beverage by 14.7% during the 3rd quarter. Creative Planning now owns 18,890 shares of the company’s stock valued at $1,087,000 after purchasing an additional 2,418 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Molson Coors Beverage by 63.3% in the third quarter. Blue Trust Inc. now owns 2,951 shares of the company’s stock worth $170,000 after purchasing an additional 1,144 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Molson Coors Beverage by 0.9% during the third quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock valued at $1,845,000 after purchasing an additional 277 shares in the last quarter. Greenleaf Trust boosted its position in shares of Molson Coors Beverage by 22.6% during the third quarter. Greenleaf Trust now owns 8,825 shares of the company’s stock valued at $508,000 after buying an additional 1,625 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in Molson Coors Beverage by 1,711.8% in the 3rd quarter. International Assets Investment Management LLC now owns 54,880 shares of the company’s stock worth $3,157,000 after buying an additional 51,851 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TAP shares. Needham & Company LLC restated a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. JPMorgan Chase & Co. lowered their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. 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. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, Morgan Stanley raised their price target on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $63.27.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $60.29 on Friday. The business has a 50-day simple moving average of $56.41 and a two-hundred day simple moving average of $56.58. The stock has a market cap of $12.42 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 1.51 and a beta of 0.85. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. 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 posted its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. On average, analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio is presently 32.90%.

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.