M&G Plc Grows Position in Molson Coors Beverage (NYSE:TAP)

M&G Plc grew its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 7.4% in the second quarter, HoldingsChannel.com reports. The fund owned 273,378 shares of the company’s stock after purchasing an additional 18,889 shares during the period. M&G Plc’s holdings in Molson Coors Beverage were worth $13,942,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new stake in Molson Coors Beverage during the fourth quarter valued at approximately $29,000. Montag A & Associates Inc. bought a new stake in shares of Molson Coors Beverage during the 4th quarter worth $31,000. Raleigh Capital Management Inc. grew its position in Molson Coors Beverage by 2,087.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. Transcendent Capital Group LLC bought a new position in Molson Coors Beverage in the fourth quarter valued at $36,000. Finally, Allworth Financial LP increased its stake in Molson Coors Beverage by 179.4% in the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP opened at $52.99 on Wednesday. The company has a market capitalization of $11.23 billion, a P/E ratio of 10.60, a price-to-earnings-growth ratio of 2.26 and a beta of 0.81. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average of $51.73 and a 200 day moving average of $58.37.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.24. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $1.78 EPS. As a group, equities research analysts anticipate that Molson Coors Beverage will post 5.56 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TAP shares. Evercore ISI reduced their price objective on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. TD Cowen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating and reduced their price target for the company from $68.00 to $58.00 in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Bank of America reduced their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Wells Fargo & Company lifted their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $60.53.

Molson Coors Beverage 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.