Molson Coors Beverage (NYSE:TAP) Shares Purchased by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC increased its stake in shares of Molson Coors Beverage (NYSE:TAP) by 5.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 151,365 shares of the company’s stock after acquiring an additional 8,054 shares during the period. Kingsview Wealth Management LLC’s holdings in Molson Coors Beverage were worth $8,706,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TAP. Axxcess Wealth Management LLC lifted its position in Molson Coors Beverage by 10.3% during the 1st quarter. Axxcess Wealth Management LLC now owns 8,880 shares of the company’s stock worth $597,000 after acquiring an additional 832 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Molson Coors Beverage by 28.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock valued at $20,895,000 after purchasing an additional 68,900 shares in the last quarter. Lazard Asset Management LLC raised its position in shares of Molson Coors Beverage by 6,659.2% in the 1st quarter. Lazard Asset Management LLC now owns 101,928 shares of the company’s stock valued at $6,854,000 after purchasing an additional 100,420 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock valued at $20,673,000 after purchasing an additional 56,584 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI acquired a new position in shares of Molson Coors Beverage in the 1st quarter valued at approximately $1,466,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on TAP. Piper Sandler upped their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Barclays upped their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their target price for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, TD Cowen lowered 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $60.31.

Molson Coors Beverage Price Performance

Shares of TAP opened at $60.36 on Friday. The company has a market cap of $12.43 billion, a P/E ratio of 13.59, a PEG ratio of 2.34 and a beta of 0.82. The stock has a fifty day moving average price of $56.84 and a 200 day moving average price of $54.45. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm’s revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.92 EPS. On average, research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.92%. Molson Coors Beverage’s payout ratio is currently 39.64%.

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.