Gabelli Funds LLC Increases Position in Molson Coors Beverage (NYSE:TAP)

Gabelli Funds LLC lifted its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 63.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 128,600 shares of the company’s stock after acquiring an additional 50,000 shares during the quarter. Gabelli Funds LLC owned 0.06% of Molson Coors Beverage worth $6,537,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Family Firm Inc. purchased a new position in Molson Coors Beverage in the second quarter valued at about $26,000. Raleigh Capital Management Inc. raised its holdings in shares of Molson Coors Beverage by 2,087.5% in the 4th 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 lifted its stake in Molson Coors Beverage by 83.8% in the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after purchasing an additional 294 shares during the last quarter. Transcendent Capital Group LLC bought a new position in Molson Coors Beverage during the fourth quarter valued at $36,000. Finally, Quarry LP increased its position in Molson Coors Beverage by 69.3% in the fourth quarter. Quarry LP now owns 657 shares of the company’s stock worth $40,000 after buying an additional 269 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on TAP. UBS Group increased their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Jefferies Financial Group cut their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised their price objective on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Finally, Piper Sandler boosted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.53.

Molson Coors Beverage Price Performance

TAP stock opened at $54.61 on Wednesday. The firm has a 50 day simple moving average of $53.89 and a two-hundred day simple moving average of $56.73. The stock has a market cap of $11.57 billion, a PE ratio of 10.92, a P/E/G ratio of 2.33 and a beta of 0.81. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75.

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

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.

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.