Allstate Corp Purchases New Holdings in Molson Coors Beverage (NYSE:TAP)

Allstate Corp bought a new stake in Molson Coors Beverage (NYSE:TAP - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 5,658 shares of the company's stock, valued at approximately $324,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank bought a new position in Molson Coors Beverage in the fourth quarter valued at approximately $142,407,000. State Street Corp grew its stake in shares of Molson Coors Beverage by 8.4% in the third quarter. State Street Corp now owns 8,792,196 shares of the company's stock valued at $505,727,000 after buying an additional 681,757 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Molson Coors Beverage in the fourth quarter valued at $27,660,000. Bank of New York Mellon Corp increased its holdings in Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock worth $202,661,000 after buying an additional 434,250 shares during the last quarter. Finally, LBP AM SA raised its position in Molson Coors Beverage by 1,553.3% during the fourth quarter. LBP AM SA now owns 206,664 shares of the company's stock worth $11,846,000 after acquiring an additional 194,164 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TAP. Needham & Company LLC reissued a "buy" rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Citigroup upgraded Molson Coors Beverage from a "sell" rating to a "neutral" rating and lifted their price target for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. UBS Group upped 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. reduced their target price on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, Berenberg Bank assumed coverage on Molson Coors Beverage in a research note on Wednesday. They issued a "buy" rating and a $86.90 price target on the stock. Eleven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $65.06.

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Molson Coors Beverage Trading Down 2.0 %

TAP traded down $1.28 during trading on Friday, reaching $61.19. 3,780,107 shares of the company's stock were exchanged, compared to its average volume of 2,051,267. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The firm has a fifty day moving average price of $58.76 and a two-hundred day moving average price of $57.91. The stock has a market capitalization of $12.40 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its 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. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. As a group, equities research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were given a $0.47 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.07%. This is an increase from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's dividend payout ratio (DPR) is presently 35.14%.

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.