Pacer Advisors Inc. Raises Stock Position in Molson Coors Beverage (NYSE:TAP)

Pacer Advisors Inc. grew its stake in Molson Coors Beverage (NYSE:TAP) by 66.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,397,223 shares of the company’s stock after purchasing an additional 2,155,842 shares during the quarter. Pacer Advisors Inc. owned about 2.55% of Molson Coors Beverage worth $274,341,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in Molson Coors Beverage by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 213,092 shares of the company’s stock worth $13,043,000 after buying an additional 884 shares during the period. Norges Bank bought a new stake in shares of Molson Coors Beverage during the fourth quarter valued at approximately $127,337,000. D.A. Davidson & CO. grew its stake in Molson Coors Beverage by 38.0% in the fourth quarter. D.A. Davidson & CO. now owns 18,782 shares of the company’s stock worth $1,150,000 after purchasing an additional 5,173 shares during the period. Corient Private Wealth LLC grew its stake in Molson Coors Beverage by 254.5% in the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock worth $2,586,000 after purchasing an additional 30,323 shares during the period. Finally, Franklin Resources Inc. raised its holdings in Molson Coors Beverage by 24.7% in the fourth quarter. Franklin Resources Inc. now owns 236,511 shares of the company’s stock worth $14,477,000 after purchasing an additional 46,877 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

NYSE TAP opened at $54.49 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The stock has a 50-day moving average of $53.77 and a 200 day moving average of $56.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. The company has a market capitalization of $11.54 billion, a price-to-earnings ratio of 10.90, a PEG ratio of 2.33 and a beta of 0.81.

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

Molson Coors Beverage Announces Dividend

The company also recently declared 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. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.23%. Molson Coors Beverage’s payout ratio is 35.20%.

Analyst Ratings Changes

A number of analysts have recently weighed in on TAP shares. UBS Group upped their target price on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler upped their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Bank of America cut their price target on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, TD Cowen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating and reduced their price objective for the company from $68.00 to $58.00 in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $60.53.

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.