Invenomic Capital Management LP Increases Holdings in Molson Coors Beverage (NYSE:TAP)

Invenomic Capital Management LP boosted its position in Molson Coors Beverage (NYSE:TAP) by 131.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 519,377 shares of the company’s stock after purchasing an additional 294,596 shares during the period. Molson Coors Beverage comprises 1.6% of Invenomic Capital Management LP’s investment portfolio, making the stock its 13th biggest position. Invenomic Capital Management LP owned approximately 0.25% of Molson Coors Beverage worth $29,875,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Pacer Advisors Inc. raised its holdings in Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after acquiring an additional 2,155,842 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after buying an additional 434,685 shares during the period. River Road Asset Management LLC grew its holdings in Molson Coors Beverage by 1.8% in the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock valued at $96,475,000 after buying an additional 29,315 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in Molson Coors Beverage during the third quarter worth approximately $48,202,000. Finally, Millennium Management LLC boosted its holdings in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after purchasing an additional 645,847 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TAP has been the subject of several recent analyst reports. TD Cowen lowered their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. UBS Group lifted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $60.00.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $61.75 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company’s fifty day moving average price is $57.57 and its 200 day moving average price is $54.56. The company has a market capitalization of $12.72 billion, a PE ratio of 13.91, a price-to-earnings-growth ratio of 2.40 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter last year, the firm posted $1.92 EPS. The company’s revenue was down 7.8% on a year-over-year basis. As a group, analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th 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 2.85%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

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.