Centiva Capital LP Boosts Stake in Molson Coors Beverage (NYSE:TAP)

Centiva Capital LP boosted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 59.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,548 shares of the company’s stock after buying an additional 5,433 shares during the period. Centiva Capital LP’s holdings in Molson Coors Beverage were worth $837,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of TAP. Pacer Advisors Inc. lifted its holdings in Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after buying an additional 2,155,842 shares during the period. Thompson Siegel & Walmsley LLC acquired a new position in shares of Molson Coors Beverage during the third quarter worth $48,202,000. Millennium Management LLC increased its position in shares of Molson Coors Beverage by 541.4% during the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after purchasing an additional 645,847 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of 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 purchasing an additional 434,685 shares in the last quarter. Finally, Randolph Co Inc acquired a new position in shares of Molson Coors Beverage during the third quarter worth $21,754,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $61.12 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The firm has a market cap of $12.59 billion, a price-to-earnings ratio of 13.77, a PEG ratio of 2.38 and a beta of 0.85. The firm’s fifty day moving average is $58.05 and its two-hundred day moving average is $54.73.

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

Molson Coors Beverage Dividend Announcement

The company 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. This represents a $1.76 annualized dividend and a dividend yield of 2.88%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is currently 39.64%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price target for the stock from $57.00 to $70.00 in a research report on Friday. BNP Paribas assumed coverage on Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 price target on the stock. TD Cowen reduced their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Needham & Company LLC began coverage on Molson Coors Beverage in a research report on Friday. They set a “buy” rating and a $72.00 price target on the stock. Finally, Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their target price for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $62.00.

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.