Connor Clark & Lunn Investment Management Ltd. Boosts Holdings in Molson Coors Beverage (NYSE:TAP)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 216.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,643 shares of the company's stock after buying an additional 35,313 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Molson Coors Beverage were worth $2,971,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TAP. Lazard Asset Management LLC increased its holdings in shares of Molson Coors Beverage by 6,659.2% in the first quarter. Lazard Asset Management LLC now owns 101,928 shares of the company's stock valued at $6,854,000 after purchasing an additional 100,420 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company's stock worth $20,673,000 after acquiring an additional 56,584 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Molson Coors Beverage during the 1st quarter worth $1,466,000. Janus Henderson Group PLC boosted its position in shares of Molson Coors Beverage by 144.6% during the 1st quarter. Janus Henderson Group PLC now owns 73,909 shares of the company's stock valued at $4,969,000 after acquiring an additional 43,696 shares during the last quarter. Finally, Ilex Capital Partners UK LLP acquired a new position in shares of Molson Coors Beverage during the 1st quarter valued at about $53,096,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TAP shares. BNP Paribas initiated coverage on shares of Molson Coors Beverage in a research report on Monday. They set a "neutral" rating and a $64.00 price objective for the company. TD Cowen reduced their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft upped their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. Barclays raised their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an "underweight" rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their price target for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $60.57.

Molson Coors Beverage Stock Up 0.5 %

Shares of Molson Coors Beverage stock traded up $0.31 during trading hours on Monday, reaching $60.67. 2,848,777 shares of the company were exchanged, compared to its average volume of 1,916,045. The stock's fifty day moving average is $56.84 and its 200 day moving average is $54.43. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The firm has a market cap of $12.50 billion, a PE ratio of 13.66, a PEG ratio of 2.34 and a beta of 0.82. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company's revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.92 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm 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 dividend on an annualized basis and a yield of 2.90%. Molson Coors Beverage's dividend payout ratio is presently 39.64%.

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.