Fmr LLC Has $41.20 Million Stock Holdings in Molson Coors Beverage (NYSE:TAP)

FMR LLC increased its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 23.2% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 716,311 shares of the company's stock after acquiring an additional 134,689 shares during the period. FMR LLC owned approximately 0.35% of Molson Coors Beverage worth $41,202,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wakefield Asset Management LLLP increased its holdings in Molson Coors Beverage by 124.5% during the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock worth $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Wedge Capital Management L L P NC increased its holdings in Molson Coors Beverage by 4.1% during the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company's stock worth $35,023,000 after purchasing an additional 27,203 shares during the last quarter. Qsemble Capital Management LP increased its holdings in Molson Coors Beverage by 23.5% during the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company's stock worth $2,788,000 after purchasing an additional 9,234 shares during the last quarter. M&G Plc increased its holdings in Molson Coors Beverage by 7.4% during the 2nd quarter. M&G Plc now owns 273,378 shares of the company's stock worth $13,942,000 after purchasing an additional 18,889 shares during the last quarter. Finally, 1832 Asset Management L.P. purchased a new stake in Molson Coors Beverage during the 2nd quarter worth approximately $1,237,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. 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 report on Tuesday, October 8th. Needham & Company LLC initiated coverage on Molson Coors Beverage in a report on Friday. They issued a "buy" rating and a $72.00 price target for the company. Wells Fargo & Company upgraded Molson Coors Beverage from an "underweight" rating to an "overweight" rating and boosted their price target for the company from $52.00 to $74.00 in a report on Friday, November 8th. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday, November 25th. They issued a "neutral" rating and a $64.00 price target for the company. Finally, Bank of America upgraded Molson Coors Beverage from a "neutral" rating to a "buy" rating and boosted their price target for the company from $57.00 to $70.00 in a report on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $62.00.

Molson Coors Beverage Stock Performance

TAP stock traded up $0.17 during trading on Friday, reaching $61.13. 2,207,038 shares of the company's stock were exchanged, compared to its average volume of 1,963,675. 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 has a 1-year low of $49.19 and a 1-year high of $69.18. The company's fifty day moving average price is $58.05 and its 200-day moving average price is $54.73. The firm has a market cap of $12.59 billion, a PE ratio of 13.77, a P/E/G ratio of 2.39 and a beta of 0.85.

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

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 2.88%. Molson Coors Beverage's dividend payout ratio (DPR) is 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.