State Street Corp Raises Stock Position in Molson Coors Beverage (NYSE:TAP)

State Street Corp increased its position in shares of Molson Coors Beverage (NYSE:TAP) by 8.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,792,196 shares of the company’s stock after buying an additional 681,757 shares during the period. State Street Corp’s holdings in Molson Coors Beverage were worth $505,727,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Pacer Advisors Inc. increased its stake in shares of 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. Dimensional Fund Advisors LP increased its stake 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 buying an additional 434,685 shares during the period. River Road Asset Management LLC increased its stake in shares of Molson Coors Beverage by 1.8% during the third quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock worth $96,475,000 after buying an additional 29,315 shares during the period. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage during the third quarter worth approximately $48,202,000. Finally, Millennium Management LLC increased its stake 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 buying an additional 645,847 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $61.13 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a market cap of $12.59 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 2.39 and a beta of 0.85. The firm’s fifty day moving average price is $58.05 and its 200 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.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion for 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%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.92 earnings per share. On average, sell-side analysts expect that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently weighed in on TAP. JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Barclays increased their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price target for the company from $52.00 to $74.00 in a research note on Friday, November 8th. BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target on the stock. Finally, Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and an average 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.