Raymond James Financial Inc. Purchases New Holdings in Molson Coors Beverage (NYSE:TAP)

Raymond James Financial Inc. acquired a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 482,562 shares of the company's stock, valued at approximately $27,660,000. Raymond James Financial Inc. owned about 0.23% of Molson Coors Beverage as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Proficio Capital Partners LLC purchased a new position in Molson Coors Beverage during the fourth quarter worth about $1,991,000. M&T Bank Corp lifted its holdings in shares of Molson Coors Beverage by 14.6% in the 4th quarter. M&T Bank Corp now owns 14,038 shares of the company's stock valued at $804,000 after buying an additional 1,792 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Molson Coors Beverage by 25.7% in the fourth quarter. Victory Capital Management Inc. now owns 545,437 shares of the company's stock valued at $31,264,000 after buying an additional 111,390 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its holdings in Molson Coors Beverage by 9.3% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 13,634 shares of the company's stock worth $776,000 after acquiring an additional 1,165 shares during the period. Finally, Scott & Selber Inc. grew its holdings in Molson Coors Beverage by 72.5% during the fourth quarter. Scott & Selber Inc. now owns 41,610 shares of the company's stock worth $2,385,000 after acquiring an additional 17,486 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

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Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded down $0.41 on Tuesday, hitting $58.96. The company had a trading volume of 1,921,870 shares, compared to its average volume of 1,915,758. 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 has a 52-week low of $49.19 and a 52-week high of $69.18. The business has a 50 day moving average of $57.24 and a 200 day moving average of $57.45. The company has a market cap of $11.95 billion, a PE ratio of 11.02, a PEG ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results 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. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. As a group, equities analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were paid a dividend of $0.47 per share. The ex-dividend date was Thursday, February 27th. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a yield of 3.19%. Molson Coors Beverage's dividend payout ratio is currently 35.14%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on TAP shares. Citigroup raised Molson Coors Beverage from a "sell" rating to a "neutral" rating and upped their price objective for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $72.00 price objective on shares of Molson Coors Beverage in a report on Wednesday, February 12th. JPMorgan Chase & Co. dropped their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a "neutral" rating and a $64.00 price objective on the stock. Finally, UBS Group boosted their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a "neutral" rating in a research report on Friday, February 14th. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $63.67.

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.