Canada Pension Plan Investment Board Boosts Stock Position in Molson Coors Beverage (NYSE:TAP)

Canada Pension Plan Investment Board raised its holdings in Molson Coors Beverage (NYSE:TAP) by 28.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 310,700 shares of the company’s stock after buying an additional 68,900 shares during the period. Canada Pension Plan Investment Board owned about 0.15% of Molson Coors Beverage worth $20,895,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Capital International Investors lifted its stake in Molson Coors Beverage by 10.7% during the first 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 last quarter. Capital Group Private Client Services Inc. lifted its position in shares of Molson Coors Beverage by 7.8% during the 1st quarter. Capital Group Private Client Services Inc. now owns 147,030 shares of the company’s stock worth $9,888,000 after buying an additional 10,586 shares during the last quarter. Ariel Investments LLC raised its holdings in shares of Molson Coors Beverage by 7.0% in the first quarter. Ariel Investments LLC now owns 411,573 shares of the company’s stock valued at $27,678,000 after buying an additional 27,011 shares during the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of Molson Coors Beverage by 10.3% during the first quarter. Axxcess Wealth Management LLC now owns 8,880 shares of the company’s stock worth $597,000 after buying an additional 832 shares during the period. Finally, Freestone Capital Holdings LLC grew its holdings in shares of Molson Coors Beverage by 2.3% during the first quarter. Freestone Capital Holdings LLC now owns 47,562 shares of the company’s stock worth $3,199,000 after buying an additional 1,068 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TAP shares. Citigroup reduced their price objective 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. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Molson Coors Beverage from $62.00 to $56.00 and set a “hold” rating for the company in a report on Thursday. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Jefferies Financial Group cut their price target 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. Finally, The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $60.47.

Molson Coors Beverage Stock Up 0.6 %

TAP stock traded up $0.32 during trading on Friday, reaching $54.33. The stock had a trading volume of 1,631,950 shares, compared to its average volume of 1,733,013. The firm has a fifty day moving average price of $52.04 and a 200 day moving average price of $59.33. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $11.51 billion, a P/E ratio of 10.87, a PEG ratio of 2.08 and a beta of 0.81. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $70.89.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The business had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The company’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts anticipate that Molson Coors Beverage will post 5.56 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Friday, August 30th. Molson Coors Beverage’s payout ratio is currently 35.20%.

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.