Addenda Capital Inc. Raises Holdings in Molson Coors Beverage (NYSE:TAP)

Addenda Capital Inc. raised its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 4.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,405 shares of the company’s stock after purchasing an additional 437 shares during the period. Addenda Capital Inc.’s holdings in Molson Coors Beverage were worth $767,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its stake in shares of Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after buying an additional 1,500,269 shares during the last quarter. Morgan Stanley boosted its stake in shares of Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after buying an additional 988,864 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after buying an additional 2,121,211 shares during the last quarter. Norges Bank purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth $127,337,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Molson Coors Beverage by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,638,115 shares of the company’s stock worth $100,269,000 after buying an additional 25,575 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TAP has been the topic of a number of research reports. UBS Group dropped their price target on 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. Piper Sandler initiated coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price on the stock. Citigroup decreased their target price on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a report on Wednesday, May 1st. Evercore ISI decreased their target price on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. 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 stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average target price of $65.07.

Molson Coors Beverage Trading Up 0.4 %

Shares of Molson Coors Beverage stock opened at $50.83 on Friday. The firm has a market cap of $10.77 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 1.83 and a beta of 0.81. The business has a 50-day moving average price of $55.09 and a 200-day moving average price of $60.67. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $70.90.

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

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a $0.44 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.76 annualized dividend and a yield of 3.46%. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.

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.