Molson Coors Beverage (NYSE:TAP) Shares Acquired by HighTower Advisors LLC

HighTower Advisors LLC boosted its position in Molson Coors Beverage (NYSE:TAP) by 123.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,258 shares of the company’s stock after acquiring an additional 10,080 shares during the quarter. HighTower Advisors LLC’s holdings in Molson Coors Beverage were worth $1,047,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp raised 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 purchasing an additional 681,757 shares during the period. Raymond James Financial Inc. purchased a new position in Molson Coors Beverage in the fourth quarter valued at approximately $27,660,000. Bank of New York Mellon Corp lifted its position in Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after buying an additional 434,250 shares in the last quarter. Invenomic Capital Management LP grew its stake in Molson Coors Beverage by 131.1% during the third quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock worth $29,875,000 after buying an additional 294,596 shares during the period. Finally, FMR LLC grew its stake in Molson Coors Beverage by 23.2% during the third quarter. FMR LLC now owns 716,311 shares of the company’s stock worth $41,202,000 after buying an additional 134,689 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on TAP. Barclays upgraded shares of Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $56.00 to $62.00 in a report on Thursday, March 13th. Morgan Stanley upped their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. JPMorgan Chase & Co. reduced their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $63.67.

Molson Coors Beverage Trading Up 3.1 %

Shares of NYSE TAP opened at $60.57 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average price is $57.88 and its two-hundred day moving average price is $57.61. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The stock has a market capitalization of $12.27 billion, a P/E ratio of 11.32, a PEG ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.13. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. On average, analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a $0.47 dividend. The ex-dividend date was Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a dividend yield of 3.10%. Molson Coors Beverage’s payout ratio is 35.14%.

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.