Allstate Corp Takes $324,000 Position in Molson Coors Beverage (NYSE:TAP)

Allstate Corp purchased a new position in Molson Coors Beverage (NYSE:TAP) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,658 shares of the company’s stock, valued at approximately $324,000.

Several other institutional investors and hedge funds have also bought and sold shares of TAP. HighTower Advisors LLC lifted its stake in shares of Molson Coors Beverage by 123.3% in the 4th quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock valued at $1,047,000 after purchasing an additional 10,080 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in Molson Coors Beverage by 1.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock worth $2,046,000 after purchasing an additional 563 shares in the last quarter. US Bancorp DE lifted its position in Molson Coors Beverage by 103.9% during the fourth quarter. US Bancorp DE now owns 19,285 shares of the company’s stock valued at $1,106,000 after buying an additional 9,825 shares during the period. Unified Investment Management bought a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $871,000. Finally, Wilsey Asset Management Inc. grew its position in shares of Molson Coors Beverage by 1.6% in the 4th quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company’s stock worth $31,557,000 after buying an additional 8,679 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TAP shares. Morgan Stanley boosted their price objective on shares of 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. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $70.00 in a research note on Friday, December 6th. UBS Group lifted their price objective on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $65.06.

Molson Coors Beverage Price Performance

NYSE TAP opened at $62.02 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The stock has a market capitalization of $12.57 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 1.52 and a beta of 0.81. The business’s fifty day moving average price is $58.47 and its 200-day moving average price is $57.84.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.71 billion. On average, equities analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio is currently 35.14%.

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.