Ranmore Fund Management Ltd Buys New Stake in Molson Coors Beverage (NYSE:TAP)

Ranmore Fund Management Ltd purchased a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 164,341 shares of the company's stock, valued at approximately $9,420,000. Molson Coors Beverage accounts for 8.7% of Ranmore Fund Management Ltd's investment portfolio, making the stock its 5th biggest holding. Ranmore Fund Management Ltd owned about 0.08% of Molson Coors Beverage as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC grew its position in 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 acquiring an additional 10,080 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Molson Coors Beverage by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company's stock worth $2,046,000 after buying an additional 563 shares during the period. US Bancorp DE boosted its position in Molson Coors Beverage by 103.9% in the 4th 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 purchased a new stake in shares of Molson Coors Beverage during the fourth quarter worth $871,000. Finally, Wilsey Asset Management Inc. raised its stake in shares of Molson Coors Beverage by 1.6% in the fourth quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company's stock valued at $31,557,000 after acquiring an additional 8,679 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on TAP shares. Needham & Company LLC restated a "buy" rating and set a $72.00 price target on shares of Molson Coors Beverage in a report on Wednesday, February 12th. Morgan Stanley lifted 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 report on Friday, February 14th. StockNews.com downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Friday, February 21st. UBS Group raised their price target on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a "neutral" rating in a research note on Friday, February 14th. Finally, Berenberg Bank began coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price objective for the company. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $64.39.

Molson Coors Beverage Price Performance

NYSE:TAP traded up $0.68 during trading hours on Friday, hitting $60.63. The company's stock had a trading volume of 2,582,979 shares, compared to its average volume of 2,075,874. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $67.67. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The business's 50-day moving average is $59.47 and its two-hundred day moving average is $58.14. The company has a market capitalization of $12.28 billion, a PE ratio of 11.33, a PEG ratio of 1.52 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.13. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. As a group, research analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, February 27th. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's payout ratio is currently 35.14%.

Molson Coors Beverage 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.