Wright Investors Service Inc. Purchases New Position in Molson Coors Beverage (NYSE:TAP)

Wright Investors Service Inc. purchased a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 6,527 shares of the company’s stock, valued at approximately $332,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TAP. Norges Bank acquired a new position in shares of Molson Coors Beverage during the fourth quarter worth approximately $127,337,000. Capital International Investors lifted its stake in shares of Molson Coors Beverage by 10.7% in the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after buying an additional 939,142 shares in the last quarter. Ilex Capital Partners UK LLP acquired a new position in shares of Molson Coors Beverage during the first quarter valued at about $53,096,000. Allspring Global Investments Holdings LLC increased its position in shares of Molson Coors Beverage by 220.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after acquiring an additional 336,496 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Molson Coors Beverage by 166.5% in the 4th quarter. KBC Group NV now owns 450,649 shares of the company’s stock worth $27,584,000 after acquiring an additional 281,580 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $53.46 on Thursday. The business’s 50-day moving average price is $52.28 and its 200-day moving average price is $57.77. The firm has a market capitalization of $11.33 billion, a PE ratio of 10.69, a price-to-earnings-growth ratio of 2.26 and a beta of 0.81. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 EPS. Sell-side analysts forecast that Molson Coors Beverage will post 5.56 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is presently 35.20%.

Analyst Upgrades and Downgrades

TAP has been the subject of a number of analyst reports. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. TD Cowen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating and cut their price target for the stock from $68.00 to $58.00 in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler boosted their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group reduced their target price on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $60.53.

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.