Kovitz Investment Group Partners LLC purchased a new stake in Molson Coors Beverage (NYSE:TAP - Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 59,851 shares of the company's stock, valued at approximately $3,244,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Farther Finance Advisors LLC grew its position in Molson Coors Beverage by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company's stock worth $99,000 after buying an additional 182 shares in the last quarter. Integrated Investment Consultants LLC grew its holdings in shares of Molson Coors Beverage by 4.7% during the third quarter. Integrated Investment Consultants LLC now owns 4,154 shares of the company's stock worth $239,000 after purchasing an additional 185 shares in the last quarter. Perpetual Ltd increased its position in shares of Molson Coors Beverage by 1.0% in the third quarter. Perpetual Ltd now owns 20,543 shares of the company's stock worth $1,182,000 after purchasing an additional 197 shares during the last quarter. SkyView Investment Advisors LLC raised its stake in Molson Coors Beverage by 1.8% in the second quarter. SkyView Investment Advisors LLC now owns 15,102 shares of the company's stock valued at $768,000 after purchasing an additional 274 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in Molson Coors Beverage by 0.9% during the third quarter. Private Advisor Group LLC now owns 32,080 shares of the company's stock valued at $1,845,000 after purchasing an additional 277 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on TAP shares. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a research report on Friday. They issued a "buy" rating and a $72.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Hsbc Global Res cut Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a report on Friday, November 8th. Bank of America upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and increased their price target for the company from $57.00 to $70.00 in a research report on Friday. Finally, Wells Fargo & Company raised shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $62.00.
Read Our Latest Report on Molson Coors Beverage
Molson Coors Beverage Trading Up 0.0 %
TAP stock traded up $0.02 on Tuesday, reaching $61.59. The company's stock had a trading volume of 1,591,127 shares, compared to its average volume of 1,908,911. The firm has a market cap of $12.69 billion, a PE ratio of 13.86, a PEG ratio of 2.37 and a beta of 0.85. The business has a fifty day simple moving average of $58.14 and a two-hundred day simple moving average of $54.79. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99.
Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.13 billion. During the same period last year, the company posted $1.92 EPS. The company's quarterly revenue was down 7.8% compared to the same quarter last year. As a group, research analysts forecast that Molson Coors Beverage will post 5.78 EPS for the current year.
Molson Coors Beverage Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage's dividend payout ratio is currently 39.64%.
Molson Coors Beverage Company Profile
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Free Report)
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.
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