State Street Corp Has $505.73 Million Position in Molson Coors Beverage (NYSE:TAP)

State Street Corp increased its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 8.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,792,196 shares of the company's stock after purchasing an additional 681,757 shares during the quarter. State Street Corp owned 4.24% of Molson Coors Beverage worth $505,727,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TAP. Quantinno Capital Management LP increased its position in Molson Coors Beverage by 43.4% in the third quarter. Quantinno Capital Management LP now owns 101,841 shares of the company's stock worth $5,858,000 after buying an additional 30,830 shares during the period. Royal London Asset Management Ltd. grew its position in Molson Coors Beverage by 1.0% in the third quarter. Royal London Asset Management Ltd. now owns 457,221 shares of the company's stock worth $26,299,000 after buying an additional 4,529 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in Molson Coors Beverage by 14.8% during the third quarter. Integrated Wealth Concepts LLC now owns 17,491 shares of the company's stock valued at $1,006,000 after buying an additional 2,256 shares in the last quarter. Invenomic Capital Management LP boosted its position in shares of Molson Coors Beverage by 131.1% in the third quarter. Invenomic Capital Management LP now owns 519,377 shares of the company's stock worth $29,875,000 after buying an additional 294,596 shares during the period. Finally, Centiva Capital LP lifted its position in shares of Molson Coors Beverage by 59.6% in the third quarter. Centiva Capital LP now owns 14,548 shares of the company's stock worth $837,000 after purchasing an additional 5,433 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Wall Street Analyst Weigh In

TAP has been the topic of several research reports. BNP Paribas assumed coverage on 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. Bank of America upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $57.00 to $70.00 in a research note on Friday. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a report on Friday. They set a "buy" rating and a $72.00 price target for the company. Barclays increased their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the company an "underweight" rating in a research note on Monday, November 11th. Finally, Hsbc Global Res lowered 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 issued a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has an average rating of "Hold" and an average price target of $62.00.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded up $0.43 on Monday, hitting $61.56. The stock had a trading volume of 1,811,578 shares, compared to its average volume of 1,910,253. The firm's 50 day moving average price is $58.05 and its 200-day moving average price is $54.73. 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 has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a market capitalization of $12.68 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 2.37 and a beta of 0.85.

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

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage's payout ratio is presently 39.64%.

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.