Amalgamated Bank Increases Holdings in Molson Coors Beverage (NYSE:TAP)

Amalgamated Bank boosted its position in Molson Coors Beverage (NYSE:TAP) by 51.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,030 shares of the company’s stock after purchasing an additional 19,654 shares during the period. Amalgamated Bank’s holdings in Molson Coors Beverage were worth $2,950,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Family Firm Inc. purchased a new position in shares of Molson Coors Beverage in the second quarter valued at $26,000. Raleigh Capital Management Inc. raised its position 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 acquiring an additional 501 shares during the last quarter. GPS Wealth Strategies Group LLC raised its position 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 acquiring an additional 294 shares during the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Molson Coors Beverage in the fourth quarter valued at about $36,000. Finally, Quarry LP grew its position in shares of 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 purchasing an additional 269 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Up 1.0 %

Shares of TAP opened at $55.06 on Tuesday. The stock’s fifty day simple moving average is $53.85 and its 200 day simple moving average is $56.80. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.67 billion, a P/E ratio of 11.01, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.68 by $0.24. The business had revenue of $3.25 billion for 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%. The company’s revenue was down .4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 EPS. On average, equities research analysts forecast that Molson Coors Beverage will post 5.75 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Friday, August 30th. Molson Coors Beverage’s payout ratio is currently 35.20%.

Wall Street Analyst Weigh In

TAP has been the topic of a number of recent research reports. Bank of America reduced their target price on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. TD Cowen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating and decreased their price objective for the company from $68.00 to $58.00 in a research note on Wednesday, August 7th. Wells Fargo & Company boosted their target price on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler boosted their price objective 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 research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.53.

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.