Molson Coors Beverage (NYSE:TAP) Shares Purchased by Fmr LLC

Fmr LLC grew its stake in shares of Molson Coors Beverage (NYSE:TAP) by 23.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 716,311 shares of the company’s stock after acquiring an additional 134,689 shares during the period. Fmr LLC owned about 0.35% of Molson Coors Beverage worth $41,202,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. grew its stake in Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after purchasing an additional 2,155,842 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new position in Molson Coors Beverage during the 3rd quarter worth approximately $48,202,000. Millennium Management LLC grew its position in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after acquiring an additional 645,847 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of 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 valued at $131,130,000 after acquiring an additional 434,685 shares during the last quarter. Finally, Randolph Co Inc acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at approximately $21,754,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP stock opened at $61.13 on Friday. The company has a 50-day simple moving average of $58.05 and a 200 day simple moving average of $54.73. The company has a market capitalization of $12.59 billion, a P/E ratio of 13.77, a PEG ratio of 2.39 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business posted $1.92 EPS. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. Sell-side analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 39.64%.

Wall Street Analyst Weigh In

Several analysts have weighed in on TAP shares. Barclays boosted their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $52.00 to $74.00 in a research report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. Finally, TD Cowen cut their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.00.

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.