Short Interest in Molson Coors Beverage (NYSE:TAP) Expands By 27.3%

Molson Coors Beverage (NYSE:TAP) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 9,220,000 shares, an increase of 27.3% from the October 31st total of 7,240,000 shares. Currently, 5.4% of the company’s stock are short sold. Based on an average daily volume of 1,900,000 shares, the short-interest ratio is presently 4.9 days.

Institutional Trading of Molson Coors Beverage

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Clark Estates Inc. NY increased its holdings in Molson Coors Beverage by 18.1% during the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock worth $3,451,000 after purchasing an additional 9,200 shares during the last quarter. Wakefield Asset Management LLLP raised its holdings in Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after acquiring an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Molson Coors Beverage during the 2nd quarter valued at $3,842,000. Wedge Capital Management L L P NC grew its holdings in Molson Coors Beverage by 4.1% during the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock worth $35,023,000 after acquiring an additional 27,203 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after purchasing an additional 56,584 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Down 0.3 %

Shares of Molson Coors Beverage stock traded down $0.20 during trading hours on Monday, hitting $61.86. The company’s stock had a trading volume of 971,358 shares, compared to its average volume of 1,906,452. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company has a market capitalization of $12.74 billion, a PE ratio of 13.89, a P/E/G ratio of 2.40 and a beta of 0.82. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The business has a fifty day moving average of $57.43 and a 200 day moving average of $54.53.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the company posted $1.92 EPS. Molson Coors Beverage’s revenue for the quarter was down 7.8% on a year-over-year basis. As a group, equities analysts forecast that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TAP. UBS Group raised their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. TD Cowen dropped their price objective 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. Finally, Barclays boosted their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.00.

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.