State of Michigan Retirement System Buys 4,100 Shares of Molson Coors Beverage (NYSE:TAP)

State of Michigan Retirement System boosted its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 6.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 65,670 shares of the company's stock after purchasing an additional 4,100 shares during the period. State of Michigan Retirement System's holdings in Molson Coors Beverage were worth $3,764,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. US Bancorp DE lifted its position in shares of Molson Coors Beverage by 19.9% in the third quarter. US Bancorp DE now owns 9,460 shares of the company's stock worth $544,000 after purchasing an additional 1,569 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Molson Coors Beverage by 11.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company's stock worth $99,000 after buying an additional 182 shares in the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of Molson Coors Beverage by 22.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 22,789 shares of the company's stock valued at $1,311,000 after buying an additional 4,160 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of Molson Coors Beverage by 4.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 68,533 shares of the company's stock valued at $3,942,000 after buying an additional 2,832 shares during the period. Finally, Concurrent Investment Advisors LLC grew its holdings in shares of Molson Coors Beverage by 16.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 6,463 shares of the company's stock valued at $372,000 after acquiring an additional 921 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TAP. Bank of America raised Molson Coors Beverage from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Citigroup raised Molson Coors Beverage from a "sell" rating to a "neutral" rating and boosted their price target for the company from $47.00 to $57.00 in a research note on Wednesday, February 5th. JPMorgan Chase & Co. cut their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Hsbc Global Res downgraded shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research report on Friday, November 8th. Finally, UBS Group raised their price target on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage has an average rating of "Hold" and an average target price of $63.27.

Molson Coors Beverage Stock Performance

Shares of TAP traded up $2.51 during mid-day trading on Friday, hitting $61.91. The company's stock had a trading volume of 3,101,163 shares, compared to its average volume of 1,918,382. The stock's 50-day moving average is $56.83 and its two-hundred day moving average is $57.15. The firm has a market capitalization of $12.54 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18.

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

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be issued a $0.47 dividend. This is a boost from Molson Coors Beverage's previous quarterly dividend of $0.44. The ex-dividend date is Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.04%. Molson Coors Beverage's dividend payout ratio is 35.14%.

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.