State of Alaska Department of Revenue lifted its stake in shares of Molson Coors Beverage (NYSE:TAP – Get Rating) by 2.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,838 shares of the company’s stock after acquiring an additional 1,395 shares during the period. State of Alaska Department of Revenue’s holdings in Molson Coors Beverage were worth $2,934,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in TAP. HighTower Advisors LLC boosted its stake in shares of Molson Coors Beverage by 5.6% during the fourth quarter. HighTower Advisors LLC now owns 27,151 shares of the company’s stock valued at $1,258,000 after acquiring an additional 1,438 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Molson Coors Beverage by 3.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,487,896 shares of the company’s stock worth $68,964,000 after acquiring an additional 56,515 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Molson Coors Beverage in the fourth quarter worth approximately $20,079,000. Geode Capital Management LLC grew its holdings in Molson Coors Beverage by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 3,771,747 shares of the company’s stock valued at $174,393,000 after purchasing an additional 220,482 shares during the period. Finally, People s United Financial Inc. increased its position in Molson Coors Beverage by 6.2% during the fourth quarter. People s United Financial Inc. now owns 4,895 shares of the company’s stock worth $227,000 after purchasing an additional 284 shares during the last quarter. Institutional investors and hedge funds own 79.22% of the company’s stock.
Analyst Ratings Changes
Several equities analysts recently commented on the stock. Sanford C. Bernstein dropped their price target on shares of Molson Coors Beverage to $57.00 in a research report on Tuesday, August 9th. Credit Suisse Group dropped their price target on shares of Molson Coors Beverage from $50.00 to $49.00 and set an “underperform” rating for the company in a research report on Wednesday, August 3rd. TheStreet lowered shares of Molson Coors Beverage from a “b” rating to a “c+” rating in a research report on Thursday, August 4th. Redburn Partners raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating in a research report on Wednesday, July 13th. Finally, UBS Group upped their price target on shares of Molson Coors Beverage from $54.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $53.50.
Molson Coors Beverage Price Performance
Molson Coors Beverage (NYSE:TAP – Get Rating) last announced its earnings results on Tuesday, August 2nd. The company reported $1.19 earnings per share for the quarter, meeting the consensus estimate of $1.19. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.94 billion. Molson Coors Beverage had a net margin of 5.73% and a return on equity of 6.46%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.58 earnings per share. Equities research analysts anticipate that Molson Coors Beverage will post 3.91 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 Thursday, September 15th. Stockholders of record on Friday, September 2nd were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, September 1st. This represents a $1.52 annualized dividend and a dividend yield of 3.09%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 45.10%.
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, Middle East, Africa, and Asia Pacific. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.
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