World Investment Advisors LLC purchased a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 54,813 shares of the company's stock, valued at approximately $3,153,000.
Other hedge funds also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in shares of Molson Coors Beverage by 8.9% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 17,330 shares of the company's stock valued at $881,000 after acquiring an additional 1,410 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Molson Coors Beverage during the 2nd quarter worth approximately $790,000. Blue Trust Inc. boosted its holdings in shares of Molson Coors Beverage by 80.7% in the 2nd quarter. Blue Trust Inc. now owns 1,807 shares of the company's stock valued at $92,000 after buying an additional 807 shares during the last quarter. Raymond James & Associates boosted its holdings in shares of Molson Coors Beverage by 3.6% in the 2nd quarter. Raymond James & Associates now owns 641,015 shares of the company's stock valued at $32,583,000 after buying an additional 22,369 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its stake in shares of Molson Coors Beverage by 783.2% in the second quarter. First Horizon Advisors Inc. now owns 2,049 shares of the company's stock valued at $104,000 after buying an additional 1,817 shares in the last quarter. 78.46% of the stock is owned by institutional investors.
Molson Coors Beverage Price Performance
Shares of TAP stock traded up $0.13 during trading on Friday, hitting $61.07. The company had a trading volume of 1,326,539 shares, compared to its average volume of 1,904,661. The firm has a market capitalization of $12.58 billion, a P/E ratio of 13.75, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock's 50-day moving average price is $58.53 and its 200 day moving average price is $54.99.
Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating 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 firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the company posted $1.92 EPS. The company's revenue was down 7.8% compared to the same quarter last year. Equities 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 announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage's dividend payout ratio is currently 39.64%.
Analyst Ratings Changes
A number of brokerages have commented on TAP. StockNews.com upgraded shares of Molson Coors Beverage from a "hold" rating to a "buy" rating in a research note on Friday. TD Cowen reduced their price target on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating for the company in a report on Tuesday, October 8th. Needham & Company LLC began coverage on Molson Coors Beverage in a research report on Friday, December 6th. They set a "buy" rating and a $72.00 price target on the stock. Bank of America raised Molson Coors Beverage from a "neutral" rating to a "buy" rating and raised their price objective for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a report on Friday, October 18th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $62.00.
View Our Latest Stock Report on TAP
About Molson Coors Beverage
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Free Report)
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.
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