Wealthfront Advisers LLC Buys 36,431 Shares of Molson Coors Beverage (NYSE:TAP)

Wealthfront Advisers LLC boosted its holdings in Molson Coors Beverage (NYSE:TAP - Free Report) by 184.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 56,186 shares of the company's stock after purchasing an additional 36,431 shares during the quarter. Wealthfront Advisers LLC's holdings in Molson Coors Beverage were worth $3,020,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Daiwa Securities Group Inc. boosted its holdings in Molson Coors Beverage by 5.3% during the 4th quarter. Daiwa Securities Group Inc. now owns 25,149 shares of the company's stock worth $1,441,000 after acquiring an additional 1,277 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Molson Coors Beverage by 29.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 265,420 shares of the company's stock worth $15,214,000 after acquiring an additional 60,383 shares during the last quarter. Sowell Financial Services LLC boosted its holdings in Molson Coors Beverage by 11.0% during the 4th quarter. Sowell Financial Services LLC now owns 14,377 shares of the company's stock worth $824,000 after acquiring an additional 1,419 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Molson Coors Beverage by 1.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 29,880 shares of the company's stock worth $1,713,000 after acquiring an additional 387 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its holdings in Molson Coors Beverage by 8.5% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 138,956 shares of the company's stock worth $8,790,000 after acquiring an additional 10,923 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on TAP shares. StockNews.com cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Friday, February 21st. Citigroup upgraded Molson Coors Beverage from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. BNP Paribas started coverage on Molson Coors Beverage in a research note on Monday, November 25th. They set a "neutral" rating and a $64.00 target price on the stock. Finally, Morgan Stanley lifted their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an "equal weight" rating in a research note on Friday, February 14th. Eleven research 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.com, the company currently has an average rating of "Hold" and a consensus price target of $63.67.

Molson Coors Beverage Price Performance

Shares of NYSE TAP traded up $0.92 during midday trading on Friday, hitting $59.68. 1,666,676 shares of the company's stock were exchanged, compared to its average volume of 1,925,643. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The company has a market cap of $12.09 billion, a price-to-earnings ratio of 11.15, a PEG ratio of 1.52 and a beta of 0.81. The business's fifty day moving average price is $57.08 and its two-hundred day moving average price is $57.31.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $1.30 EPS 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 company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion. As a group, research analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be paid a $0.47 dividend. The ex-dividend date is Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.15%. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's dividend payout ratio is currently 35.14%.

About Molson Coors Beverage

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.