Raymond James Financial Inc. Invests $27.66 Million in Molson Coors Beverage (NYSE:TAP)

Raymond James Financial Inc. purchased a new stake in Molson Coors Beverage (NYSE:TAP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 482,562 shares of the company's stock, valued at approximately $27,660,000. Raymond James Financial Inc. owned approximately 0.23% of Molson Coors Beverage as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of TAP. Virtu Financial LLC lifted its holdings in shares of Molson Coors Beverage by 148.2% during the third quarter. Virtu Financial LLC now owns 11,801 shares of the company's stock valued at $679,000 after purchasing an additional 7,046 shares during the last quarter. SkyView Investment Advisors LLC boosted its position in Molson Coors Beverage by 4.0% during the 3rd quarter. SkyView Investment Advisors LLC now owns 15,700 shares of the company's stock worth $903,000 after acquiring an additional 598 shares during the period. World Investment Advisors LLC purchased a new position in Molson Coors Beverage during the 3rd quarter valued at about $3,153,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $262,000. Finally, Tidal Investments LLC lifted its position in shares of Molson Coors Beverage by 19.4% in the third quarter. Tidal Investments LLC now owns 30,362 shares of the company's stock worth $1,746,000 after purchasing an additional 4,929 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded up $0.30 on Wednesday, reaching $59.30. 248,937 shares of the stock were exchanged, compared to its average volume of 2,078,641. The stock has a market cap of $12.01 billion, a PE ratio of 11.08, a PEG ratio of 1.52 and a beta of 0.69. The firm has a fifty day moving average price of $60.11 and a two-hundred day moving average price of $58.27. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $64.82. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.13. The business had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. Sell-side analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were given a dividend of $0.47 per share. The ex-dividend date was Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.17%. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's payout ratio is 35.14%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on TAP shares. Berenberg Bank started coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price objective on the stock. Barclays cut their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. StockNews.com downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research note on Monday, April 14th. Eleven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of "Hold" and an average target price of $64.39.

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.