Wallace Capital Management Inc. Makes New Investment in Molson Coors Beverage (NYSE:TAP)

Wallace Capital Management Inc. purchased a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 54,540 shares of the company's stock, valued at approximately $3,137,000. Molson Coors Beverage comprises about 0.4% of Wallace Capital Management Inc.'s investment portfolio, making the stock its 22nd largest position.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Family Firm Inc. acquired a new position in shares of Molson Coors Beverage during the 2nd quarter worth approximately $26,000. Altshuler Shaham Ltd purchased a new position in shares of Molson Coors Beverage during the 2nd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new position in Molson Coors Beverage during the third quarter worth about $35,000. GPS Wealth Strategies Group LLC boosted its holdings in Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company's stock valued at $33,000 after purchasing an additional 294 shares during the last quarter. Finally, Gladius Capital Management LP purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $42,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Up 0.3 %

Shares of NYSE TAP traded up $0.17 during midday trading on Friday, hitting $61.13. 2,207,016 shares of the company's stock were exchanged, compared to its average volume of 1,910,666. The firm's fifty day simple moving average is $57.97 and its 200-day simple moving average is $54.69. The company has a market cap of $12.59 billion, a PE ratio of 13.83, a P/E/G ratio of 2.38 and a beta of 0.85. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts' consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter last year, the company earned $1.92 earnings per share. The firm's revenue for the quarter was down 7.8% on a year-over-year basis. Research analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.88%. Molson Coors Beverage's dividend payout ratio is presently 39.64%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TAP. TD Cowen decreased their price target on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a research note on Tuesday, October 8th. BNP Paribas began coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They issued a "neutral" rating and a $64.00 target price on the stock. Wells Fargo & Company raised shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and boosted their price target for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a report on Friday. They issued a "buy" rating and a $72.00 price objective on the stock. Finally, Hsbc Global Res downgraded shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $62.00.

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.