Salem Investment Counselors Inc. Boosts Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Salem Investment Counselors Inc. boosted its stake in Molson Coors Beverage (NYSE:TAP) by 990.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,215 shares of the company’s stock after purchasing an additional 13,820 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Molson Coors Beverage were worth $1,023,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Paralel Advisors LLC boosted its stake in Molson Coors Beverage by 1.1% during the third quarter. Paralel Advisors LLC now owns 37,005 shares of the company’s stock valued at $2,353,000 after buying an additional 418 shares during the last quarter. Kestra Advisory Services LLC boosted its position in shares of Molson Coors Beverage by 37.9% during the 3rd quarter. Kestra Advisory Services LLC now owns 28,886 shares of the company’s stock valued at $1,837,000 after acquiring an additional 7,935 shares during the last quarter. Rafferty Asset Management LLC grew its holdings in shares of Molson Coors Beverage by 10.2% in the third quarter. Rafferty Asset Management LLC now owns 13,830 shares of the company’s stock valued at $879,000 after purchasing an additional 1,275 shares in the last quarter. QRG Capital Management Inc. bought a new stake in Molson Coors Beverage in the third quarter worth $576,000. Finally, Envestnet Asset Management Inc. increased its position in Molson Coors Beverage by 234.3% in the third quarter. Envestnet Asset Management Inc. now owns 318,488 shares of the company’s stock worth $20,253,000 after purchasing an additional 223,220 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 0.6 %

NYSE TAP opened at $50.95 on Monday. The company’s 50-day moving average price is $56.39 and its 200-day moving average price is $61.05. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The stock has a market cap of $10.79 billion, a PE ratio of 10.19, a PEG ratio of 1.83 and a beta of 0.81. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. Equities research analysts forecast that Molson Coors Beverage will post 5.68 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend was Friday, June 7th. Molson Coors Beverage’s payout ratio is presently 35.20%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on TAP shares. Citigroup decreased their price target on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target on the stock. StockNews.com downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. decreased their price target on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Finally, UBS Group decreased their price target on shares of Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $65.07.

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.