Allstate Corp Makes New Investment in Molson Coors Beverage (NYSE:TAP)

Allstate Corp acquired a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 5,658 shares of the company’s stock, valued at approximately $324,000.

Other hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC lifted its holdings in Molson Coors Beverage by 123.3% during the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock valued at $1,047,000 after purchasing an additional 10,080 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Molson Coors Beverage by 1.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock worth $2,046,000 after buying an additional 563 shares during the period. US Bancorp DE increased its stake in Molson Coors Beverage by 103.9% in the 4th quarter. US Bancorp DE now owns 19,285 shares of the company’s stock worth $1,106,000 after buying an additional 9,825 shares in the last quarter. Unified Investment Management bought a new stake in Molson Coors Beverage during the fourth quarter valued at about $871,000. Finally, Wilsey Asset Management Inc. lifted its position in shares of Molson Coors Beverage by 1.6% in the fourth quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company’s stock valued at $31,557,000 after acquiring an additional 8,679 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TAP has been the subject of several research analyst reports. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their target price for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Finally, Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $70.00 in a report on Friday, December 6th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average target price of $65.06.

Molson Coors Beverage Stock Up 1.3 %

NYSE TAP opened at $62.02 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a market capitalization of $12.57 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 1.52 and a beta of 0.81. The company has a fifty day moving average of $58.47 and a two-hundred day moving average of $57.84.

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

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.03%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio is presently 35.14%.

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.