Molson Coors Beverage (NYSE:TAP) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC lifted its position in shares of Molson Coors Beverage (NYSE:TAP) by 1.3% during the fourth quarter, Holdings Channel reports. The firm owned 4,291,048 shares of the company’s stock after acquiring an additional 54,867 shares during the quarter. Geode Capital Management LLC’s holdings in Molson Coors Beverage were worth $245,308,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp grew its stake in Molson Coors Beverage by 8.4% during the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after buying an additional 681,757 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Molson Coors Beverage by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after acquiring an additional 434,250 shares during the period. Norges Bank purchased a new stake in Molson Coors Beverage in the 4th quarter valued at $142,407,000. Charles Schwab Investment Management Inc. boosted its stake in Molson Coors Beverage by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,684,621 shares of the company’s stock worth $96,562,000 after purchasing an additional 33,234 shares during the period. Finally, Thompson Siegel & Walmsley LLC grew its position in Molson Coors Beverage by 5.1% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 880,537 shares of the company’s stock worth $50,472,000 after purchasing an additional 42,530 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TAP. JPMorgan Chase & Co. reduced their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Berenberg Bank started coverage on Molson Coors Beverage in a report on Wednesday. They issued a “buy” rating and a $86.90 target price on the stock. Barclays decreased their price target on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $65.06.

Molson Coors Beverage Trading Down 2.0 %

Shares of TAP opened at $61.19 on Friday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $12.40 billion, a P/E ratio of 11.44, a PEG ratio of 1.52 and a beta of 0.81. The firm’s 50-day moving average is $58.76 and its two-hundred day moving average is $57.92.

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

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.07%. The ex-dividend date was Thursday, February 27th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. 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.