Wilmington Savings Fund Society FSB Makes New Investment in Molson Coors Beverage (NYSE:TAP)

Wilmington Savings Fund Society FSB bought a new position in Molson Coors Beverage (NYSE:TAP) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 4,551 shares of the company’s stock, valued at approximately $262,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in TAP. Pacer Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 66.5% in 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. Thompson Siegel & Walmsley LLC acquired a new position in shares of Molson Coors Beverage in the third quarter worth about $48,202,000. State Street Corp boosted its holdings in shares of Molson Coors Beverage by 8.4% in the third 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 period. Millennium Management LLC boosted its holdings in shares of Molson Coors Beverage by 541.4% in 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. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Molson Coors Beverage by 20.3% in 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. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Barclays increased their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target for the company. TD Cowen reduced their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Finally, Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $62.00.

Molson Coors Beverage Trading Down 0.6 %

NYSE:TAP opened at $59.25 on Wednesday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The firm has a market cap of $12.21 billion, a price-to-earnings ratio of 13.34, a P/E/G ratio of 2.38 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average is $58.62 and its 200-day moving average is $55.06.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the firm posted $1.92 earnings per share. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. Equities analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is 39.64%.

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.