Verition Fund Management LLC Boosts Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Verition Fund Management LLC grew its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 927.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 79,617 shares of the company's stock after buying an additional 71,870 shares during the quarter. Verition Fund Management LLC's holdings in Molson Coors Beverage were worth $4,580,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TAP. Captrust Financial Advisors increased its position in Molson Coors Beverage by 25.4% in the 3rd quarter. Captrust Financial Advisors now owns 32,090 shares of the company's stock valued at $1,846,000 after acquiring an additional 6,503 shares during the period. Clark Estates Inc. NY raised its position in Molson Coors Beverage by 18.1% during the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company's stock worth $3,451,000 after purchasing an additional 9,200 shares during the last quarter. Glenmede Trust Co. NA raised its position in Molson Coors Beverage by 12.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 235,116 shares of the company's stock worth $13,524,000 after purchasing an additional 26,714 shares during the last quarter. Transamerica Financial Advisors Inc. bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at about $77,000. Finally, FMR LLC increased its stake in shares of Molson Coors Beverage by 23.2% in the third quarter. FMR LLC now owns 716,311 shares of the company's stock valued at $41,202,000 after buying an additional 134,689 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on TAP. BNP Paribas initiated coverage on Molson Coors Beverage in a research note on Monday, November 25th. They issued a "neutral" rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. increased their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Hsbc Global Res lowered shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a report on Friday, November 8th. UBS Group increased their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Finally, TD Cowen dropped their price objective 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. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of "Hold" and a consensus target price of $60.00.

Molson Coors Beverage Stock Up 0.5 %

TAP stock traded up $0.28 during mid-day trading on Wednesday, reaching $61.76. 1,794,015 shares of the company traded hands, compared to its average volume of 1,911,053. The stock has a market cap of $12.72 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 2.39 and a beta of 0.85. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm's 50 day moving average price is $57.70 and its 200 day moving average price is $54.60. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share 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 business had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.13 billion. During the same period in the previous year, the company earned $1.92 earnings per share. The firm's revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, equities research analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

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 is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.85%. Molson Coors Beverage's dividend payout ratio (DPR) 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.