Park Avenue Securities LLC Raises Stock Position in Molson Coors Beverage (NYSE:TAP)

Park Avenue Securities LLC increased its position in Molson Coors Beverage (NYSE:TAP) by 28.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,163 shares of the company’s stock after purchasing an additional 2,660 shares during the quarter. Park Avenue Securities LLC’s holdings in Molson Coors Beverage were worth $697,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of TAP. State Street Corp lifted its holdings in shares of Molson Coors Beverage by 8.4% in the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after buying an additional 681,757 shares during the period. River Road Asset Management LLC lifted its stake in Molson Coors Beverage by 1.8% in the third quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock worth $96,475,000 after acquiring an additional 29,315 shares during the period. Thompson Siegel & Walmsley LLC bought a new position in Molson Coors Beverage during the 3rd quarter worth about $48,202,000. Millennium Management LLC grew its holdings in Molson Coors Beverage by 541.4% during 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. Finally, FMR LLC increased its position in Molson Coors Beverage by 23.2% during the 3rd quarter. FMR LLC now owns 716,311 shares of the company’s stock valued at $41,202,000 after purchasing an additional 134,689 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TAP shares. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $70.00 in a report on Friday, December 6th. Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. lifted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 price target for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $61.79.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $54.86 on Thursday. The stock has a 50-day moving average of $58.69 and a two-hundred day moving average of $56.03. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock has a market cap of $11.30 billion, a P/E ratio of 12.36, a P/E/G ratio of 2.05 and a beta of 0.86. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the firm earned $1.92 earnings per share. Molson Coors Beverage’s revenue for the quarter was down 7.8% on a year-over-year basis. As a group, research analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 3.21%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 39.64%.

About Molson Coors Beverage

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.