Sound Income Strategies LLC Acquires 6,736 Shares of Molson Coors Beverage (NYSE:TAP)

Sound Income Strategies LLC lifted its holdings in Molson Coors Beverage (NYSE:TAP) by 8.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 83,292 shares of the company’s stock after buying an additional 6,736 shares during the quarter. Sound Income Strategies LLC’s holdings in Molson Coors Beverage were worth $4,791,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Investors boosted its stake in Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after purchasing an additional 939,142 shares during the period. Pacer Advisors Inc. boosted its position in shares of Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after buying an additional 2,155,842 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after buying an additional 434,685 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Molson Coors Beverage by 12.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,396,489 shares of the company’s stock valued at $85,479,000 after buying an additional 153,968 shares during the last quarter. Finally, Ilex Capital Partners UK LLP bought a new stake in Molson Coors Beverage in the 1st quarter valued at approximately $53,096,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock traded up $0.06 during trading on Friday, reaching $54.45. The company’s stock had a trading volume of 823,440 shares, compared to its average volume of 1,933,702. 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’s 50-day moving average price is $54.49 and its 200-day moving average price is $55.77. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a market cap of $11.54 billion, a PE ratio of 10.89, a P/E/G ratio of 2.35 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same period 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. Equities analysts forecast that Molson Coors Beverage will post 5.74 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages recently commented on TAP. Piper Sandler increased their target price 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. TD Cowen dropped their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Jefferies Financial Group decreased their price target on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. Citigroup dropped their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Finally, Barclays upped their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $59.21.

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.