Garner Asset Management Corp Has $1.10 Million Position in Molson Coors Beverage (NYSE:TAP)

Garner Asset Management Corp lifted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 26.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,659 shares of the company’s stock after acquiring an additional 4,591 shares during the quarter. Garner Asset Management Corp’s holdings in Molson Coors Beverage were worth $1,101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in TAP. Family Firm Inc. acquired a new stake in Molson Coors Beverage during the 2nd quarter worth about $26,000. Raleigh Capital Management Inc. grew its stake in Molson Coors Beverage by 2,087.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after purchasing an additional 501 shares during the period. GPS Wealth Strategies Group LLC grew its stake in Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares during the period. Transcendent Capital Group LLC bought a new stake in Molson Coors Beverage in the fourth quarter worth approximately $36,000. Finally, Quarry LP lifted its stake in Molson Coors Beverage by 69.3% in the fourth quarter. Quarry LP now owns 657 shares of the company’s stock valued at $40,000 after buying an additional 269 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Bank of America reduced their price objective on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upped their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Jefferies Financial Group cut their target price on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a report on Thursday, July 18th. Citigroup lowered their price objective on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Finally, Piper Sandler raised their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and a consensus price target of $60.53.

Molson Coors Beverage Trading Down 1.3 %

Shares of Molson Coors Beverage stock opened at $55.35 on Thursday. The company has a 50 day simple moving average of $53.52 and a two-hundred day simple moving average of $57.03. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. The firm has a market cap of $11.73 billion, a PE ratio of 11.07, a PEG ratio of 2.33 and a beta of 0.81. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.24. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. Molson Coors Beverage’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.78 earnings per share. Analysts expect that Molson Coors Beverage will post 5.75 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 annualized dividend and a yield of 3.18%. Molson Coors Beverage’s payout ratio is currently 35.20%.

Molson Coors Beverage Company 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.