Lake Street Advisors Group LLC Buys New Shares in Molson Coors Beverage (NYSE:TAP)

Lake Street Advisors Group LLC purchased a new position in shares of Molson Coors Beverage (NYSE:TAP) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,137 shares of the company’s stock, valued at approximately $211,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TAP. Norges Bank acquired a new stake in Molson Coors Beverage during the fourth quarter worth about $127,337,000. River Road Asset Management LLC increased its stake in Molson Coors Beverage by 94.8% during the fourth quarter. River Road Asset Management LLC now owns 843,373 shares of the company’s stock worth $51,623,000 after acquiring an additional 410,467 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Molson Coors Beverage by 220.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after acquiring an additional 336,496 shares during the last quarter. KBC Group NV increased its stake in Molson Coors Beverage by 166.5% during the fourth quarter. KBC Group NV now owns 450,649 shares of the company’s stock worth $27,584,000 after acquiring an additional 281,580 shares during the last quarter. Finally, M&G Plc acquired a new stake in Molson Coors Beverage during the first quarter worth about $17,051,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TAP has been the subject of a number of recent research reports. Bank of America lowered their target price on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. UBS Group lowered their target price on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their target price for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Citigroup lowered their target price on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research note on Wednesday, July 10th. Finally, Evercore ISI lowered their target price on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $60.47.

Molson Coors Beverage Stock Performance

Shares of TAP traded up $0.63 during mid-day trading on Thursday, hitting $54.00. The stock had a trading volume of 642,056 shares, compared to its average volume of 1,925,511. The company has a market cap of $11.44 billion, a PE ratio of 10.79, a PEG ratio of 2.03 and a beta of 0.81. The company’s fifty day simple moving average is $52.11 and its two-hundred day simple moving average is $59.37. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $70.90.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The business’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 EPS. On average, equities analysts expect that Molson Coors Beverage will post 5.58 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a yield of 3.26%. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.

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.