Brandes Investment Partners LP Raises Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Brandes Investment Partners LP raised its position in shares of Molson Coors Beverage (NYSE:TAP) by 20.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 67,860 shares of the company’s stock after purchasing an additional 11,522 shares during the quarter. Brandes Investment Partners LP’s holdings in Molson Coors Beverage were worth $3,448,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. TD Asset Management Inc increased its holdings in Molson Coors Beverage by 7.0% in the 4th quarter. TD Asset Management Inc now owns 49,701 shares of the company’s stock worth $3,042,000 after buying an additional 3,271 shares during the period. Focus Financial Network Inc. ADV acquired a new stake in shares of Molson Coors Beverage in the fourth quarter worth $251,000. Treasurer of the State of North Carolina raised its holdings in shares of Molson Coors Beverage by 5.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 104,534 shares of the company’s stock worth $6,399,000 after purchasing an additional 5,003 shares during the last quarter. Bank of Nova Scotia lifted its position in Molson Coors Beverage by 31.1% during the fourth quarter. Bank of Nova Scotia now owns 24,264 shares of the company’s stock valued at $1,485,000 after purchasing an additional 5,759 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in Molson Coors Beverage by 0.3% in the fourth quarter. California State Teachers Retirement System now owns 289,782 shares of the company’s stock valued at $17,738,000 after purchasing an additional 846 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. UBS Group boosted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. TD Cowen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $68.00 to $58.00 in a research report on Wednesday, August 7th. Citigroup cut their target price on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Wells Fargo & Company raised their price target on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.53.

Molson Coors Beverage Stock Up 1.2 %

TAP stock opened at $57.52 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $54.13 and a two-hundred day moving average of $56.45. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a market cap of $12.19 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 2.38 and a beta of 0.81.

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

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a $0.44 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.76 annualized dividend and a yield of 3.06%. Molson Coors Beverage’s payout ratio is 35.20%.

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.