Molson Coors Beverage (NYSE:TAP) Shares Bought by Perpetual Ltd

Perpetual Ltd lifted its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 1.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,543 shares of the company’s stock after acquiring an additional 197 shares during the quarter. Perpetual Ltd’s holdings in Molson Coors Beverage were worth $1,182,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. CWM LLC increased its position in shares of Molson Coors Beverage by 201.2% during the third quarter. CWM LLC now owns 33,723 shares of the company’s stock worth $1,940,000 after acquiring an additional 22,525 shares during the last quarter. Partnership Wealth Management LLC purchased a new stake in shares of Molson Coors Beverage during the third quarter worth about $86,000. Sage Capital Advisors llc increased its position in shares of Molson Coors Beverage by 188.8% during the third quarter. Sage Capital Advisors llc now owns 148,948 shares of the company’s stock worth $8,567,000 after acquiring an additional 97,378 shares during the last quarter. City Center Advisors LLC purchased a new stake in shares of Molson Coors Beverage during the third quarter worth about $473,000. Finally, GAMMA Investing LLC increased its position in shares of Molson Coors Beverage by 75.3% during the third quarter. GAMMA Investing LLC now owns 3,293 shares of the company’s stock worth $189,000 after acquiring an additional 1,415 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $54.45 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average of $54.49 and a two-hundred day moving average of $55.85. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a market cap of $11.54 billion, a P/E ratio of 10.89, a PEG ratio of 2.35 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.24. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The business’s revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.78 earnings per share. As a group, analysts anticipate that Molson Coors Beverage will post 5.74 EPS for the current year.

Molson Coors Beverage Dividend Announcement

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

Analysts Set New Price Targets

TAP has been the topic of a number of analyst reports. Citigroup dropped their target price on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research report on Wednesday, July 10th. Wells Fargo & Company boosted their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Piper Sandler boosted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. 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. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus target price of $59.21.

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.