Red Spruce Capital LLC Has $1.54 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Red Spruce Capital LLC boosted its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 1.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,737 shares of the company’s stock after acquiring an additional 365 shares during the period. Red Spruce Capital LLC’s holdings in Molson Coors Beverage were worth $1,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Capital International Investors lifted its holdings in shares of Molson Coors Beverage by 10.7% during the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after purchasing an additional 939,142 shares in the last quarter. Pacer Advisors Inc. lifted its position in Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after acquiring an additional 2,155,842 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during the period. Goldman Sachs Group Inc. boosted its stake in Molson Coors Beverage by 12.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,396,489 shares of the company’s stock worth $85,479,000 after purchasing an additional 153,968 shares during the period. Finally, Schroder Investment Management Group increased its holdings in Molson Coors Beverage by 0.9% during the 4th quarter. Schroder Investment Management Group now owns 1,254,963 shares of the company’s stock worth $76,816,000 after purchasing an additional 11,514 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Performance

NYSE TAP traded up $0.54 during trading on Friday, reaching $56.07. 997,811 shares of the company’s stock were exchanged, compared to its average volume of 1,951,953. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The stock has a market capitalization of $11.88 billion, a P/E ratio of 11.21, a PEG ratio of 2.38 and a beta of 0.81. The business has a 50 day moving average price of $54.35 and a 200-day moving average price of $56.30. 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 announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter last year, the firm posted $1.78 EPS. The company’s quarterly revenue was down .4% on a year-over-year basis. Sell-side analysts forecast that Molson Coors Beverage will post 5.75 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is presently 35.20%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. UBS Group upped their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Jefferies Financial Group reduced their price target on 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. Piper Sandler raised their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Citigroup cut 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 research report on Wednesday, July 10th. Finally, Wells Fargo & Company raised 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 report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $59.36.

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.