Molson Coors Beverage (NYSE:TAP) Shares Bought by Private Management Group Inc.

Private Management Group Inc. increased its stake in Molson Coors Beverage (NYSE:TAP) by 113.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 528,448 shares of the company’s stock after purchasing an additional 281,354 shares during the quarter. Private Management Group Inc.’s holdings in Molson Coors Beverage were worth $26,861,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TAP. Van ECK Associates Corp lifted its stake in shares of Molson Coors Beverage by 3.7% in the 4th quarter. Van ECK Associates Corp now owns 9,064 shares of the company’s stock worth $555,000 after acquiring an additional 323 shares during the period. Apollon Wealth Management LLC raised its holdings in Molson Coors Beverage by 33.8% during the fourth quarter. Apollon Wealth Management LLC now owns 5,585 shares of the company’s stock worth $342,000 after purchasing an additional 1,411 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Molson Coors Beverage by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,638,115 shares of the company’s stock worth $100,269,000 after purchasing an additional 25,575 shares during the period. Montag A & Associates Inc. bought a new position in Molson Coors Beverage during the 4th quarter valued at $31,000. Finally, Teacher Retirement System of Texas increased its position in shares of Molson Coors Beverage by 227.8% during the 4th quarter. Teacher Retirement System of Texas now owns 48,219 shares of the company’s stock valued at $2,951,000 after purchasing an additional 33,508 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $55.77 on Monday. The company has a market capitalization of $11.55 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 2.41 and a beta of 0.81. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The stock’s fifty day simple moving average is $52.87 and its 200-day simple moving average is $57.40.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.24. The company had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The business’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.78 EPS. On average, sell-side analysts predict that Molson Coors Beverage will post 5.75 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Jefferies Financial Group cut their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Barclays upped their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a report on Thursday, August 8th. JPMorgan Chase & Co. boosted their target price on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company increased their target price on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler lifted their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $60.53.

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.