Illinois Municipal Retirement Fund Boosts Stock Position in Molson Coors Beverage (NYSE:TAP)

Illinois Municipal Retirement Fund boosted its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 5.9% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 221,050 shares of the company’s stock after purchasing an additional 12,243 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.11% of Molson Coors Beverage worth $12,671,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TAP. Creative Planning boosted its position in Molson Coors Beverage by 14.7% during the 3rd quarter. Creative Planning now owns 18,890 shares of the company’s stock valued at $1,087,000 after purchasing an additional 2,418 shares during the period. Private Advisor Group LLC boosted its position in Molson Coors Beverage by 0.9% during the 3rd quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock valued at $1,845,000 after purchasing an additional 277 shares during the period. International Assets Investment Management LLC boosted its position in Molson Coors Beverage by 1,711.8% during the 3rd quarter. International Assets Investment Management LLC now owns 54,880 shares of the company’s stock valued at $3,157,000 after purchasing an additional 51,851 shares during the period. Assenagon Asset Management S.A. boosted its position in Molson Coors Beverage by 12.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 56,316 shares of the company’s stock valued at $3,239,000 after purchasing an additional 6,113 shares during the period. Finally, Allworth Financial LP boosted its position in Molson Coors Beverage by 33.7% during the 3rd quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock valued at $68,000 after purchasing an additional 297 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TAP. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Barclays lifted their target price on Molson Coors Beverage from $48.00 to $56.00 and gave the company an “underweight” rating in a research note on Tuesday, February 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their target price for the company from $57.00 to $70.00 in a research note on Friday, December 6th. Finally, UBS Group lifted their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a research note on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average target price of $63.27.

Molson Coors Beverage Stock Down 0.7 %

TAP opened at $60.75 on Wednesday. The stock’s fifty day moving average is $56.47 and its 200-day moving average is $56.75. The company has a market capitalization of $12.51 billion, a PE ratio of 11.35, a P/E/G ratio of 1.52 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. On average, equities analysts predict that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be given a dividend of $0.47 per share. The ex-dividend date is Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.09%. Molson Coors Beverage’s payout ratio is 35.14%.

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.