Raymond James Financial Services Advisors Inc. Increases Position in Molson Coors Beverage (NYSE:TAP)

Raymond James Financial Services Advisors Inc. increased its stake in Molson Coors Beverage (NYSE:TAP) by 27.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 27,696 shares of the company’s stock after acquiring an additional 6,023 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Molson Coors Beverage were worth $1,695,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in TAP. Quarry LP purchased a new position in shares of Molson Coors Beverage in the 2nd quarter valued at about $25,000. Salem Investment Counselors Inc. purchased a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $32,000. Stone House Investment Management LLC purchased a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $32,000. Steward Partners Investment Advisory LLC increased its holdings in shares of Molson Coors Beverage by 85.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 650 shares of the company’s stock valued at $33,000 after purchasing an additional 300 shares in the last quarter. Finally, Lazard Asset Management LLC increased its holdings in shares of Molson Coors Beverage by 96.4% in the 1st quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock valued at $40,000 after purchasing an additional 373 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.41% of the company’s stock.

Molson Coors Beverage Price Performance

TAP opened at $67.83 on Friday. The company’s 50 day simple moving average is $64.55 and its 200 day simple moving average is $62.17. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. Molson Coors Beverage has a 1 year low of $53.75 and a 1 year high of $70.90. The stock has a market capitalization of $14.63 billion, a PE ratio of 15.56, a P/E/G ratio of 2.32 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the company earned $1.30 earnings per share. The company’s quarterly revenue was up 6.1% on a year-over-year basis. As a group, sell-side analysts expect that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.44 dividend. The ex-dividend date was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a dividend yield of 2.59%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 40.37%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TAP. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. Piper Sandler began coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective on the stock. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price objective for the company from $66.00 to $75.00 in a research note on Tuesday. Finally, Barclays increased their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company an “equal weight” rating in a research note on Thursday, February 15th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $68.07.

About Molson Coors Beverage

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.