Envestnet Asset Management Inc. Has $28.40 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Envestnet Asset Management Inc. raised its position in Molson Coors Beverage (NYSE:TAP) by 51.7% during the second quarter, according to its most recent filing with the SEC. The firm owned 558,810 shares of the company’s stock after purchasing an additional 190,394 shares during the period. Envestnet Asset Management Inc. owned 0.26% of Molson Coors Beverage worth $28,404,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Family Firm Inc. bought a new stake in Molson Coors Beverage during the second quarter valued at $26,000. Raleigh Capital Management Inc. boosted its position in shares of Molson Coors Beverage by 2,087.5% during the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after purchasing an additional 501 shares in the last quarter. GPS Wealth Strategies Group LLC grew its stake in Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares during the period. Transcendent Capital Group LLC bought a new stake in Molson Coors Beverage in the fourth quarter worth approximately $36,000. Finally, Quarry LP lifted its stake in Molson Coors Beverage by 69.3% in the fourth quarter. Quarry LP now owns 657 shares of the company’s stock valued at $40,000 after buying an additional 269 shares during the period. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Trading Down 1.5 %

Shares of TAP stock opened at $54.49 on Friday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. 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 firm has a market capitalization of $11.54 billion, a PE ratio of 10.90, a PEG ratio of 2.33 and a beta of 0.81. The stock has a fifty day simple moving average of $53.77 and a two-hundred day simple moving average of $56.90.

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

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.23%. The ex-dividend date was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. UBS Group lifted their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Bank of America dropped their price objective on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft raised their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $60.53.

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.