Zacks Investment Management Has $3.39 Million Stock Position in Molson Coors Beverage (NYSE:TAP)

Zacks Investment Management lowered its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 2.7% during the third quarter, HoldingsChannel reports. The firm owned 58,880 shares of the company’s stock after selling 1,611 shares during the quarter. Zacks Investment Management’s holdings in Molson Coors Beverage were worth $3,387,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Family Firm Inc. bought a new stake in Molson Coors Beverage during the 2nd quarter worth approximately $26,000. Altshuler Shaham Ltd acquired a new position in shares of Molson Coors Beverage in the second quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Molson Coors Beverage during the third quarter worth $35,000. GPS Wealth Strategies Group LLC raised its holdings in shares of Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after acquiring an additional 294 shares during the period. Finally, Gladius Capital Management LP bought a new stake in Molson Coors Beverage in the 3rd quarter valued at $42,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $61.13 on Monday. The firm’s fifty day moving average price is $58.05 and its two-hundred day moving average price is $54.73. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The firm has a market capitalization of $12.59 billion, a P/E ratio of 13.77, a price-to-earnings-growth ratio of 2.39 and a beta of 0.85. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

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

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 2.88%. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

TAP has been the subject of a number of research reports. Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. BNP Paribas began coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. Barclays lifted their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, Needham & Company LLC started coverage on shares of Molson Coors Beverage in a report on Friday. They issued a “buy” rating and a $72.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus target price of $62.00.

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.