Molson Coors Beverage (NYSE:TAP) Stock Position Decreased by Swiss National Bank

Swiss National Bank cut its position in shares of Molson Coors Beverage (NYSE:TAP) by 6.9% in the fourth quarter, Holdings Channel reports. The firm owned 513,400 shares of the company’s stock after selling 38,000 shares during the period. Swiss National Bank’s holdings in Molson Coors Beverage were worth $29,428,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TAP. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth about $48,202,000. State Street Corp raised its stake in shares of Molson Coors Beverage by 8.4% in the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after acquiring an additional 681,757 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Molson Coors Beverage in the 4th quarter valued at approximately $27,660,000. Bank of New York Mellon Corp raised its stake 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 in the last quarter. Finally, Invenomic Capital Management LP raised its stake in shares of Molson Coors Beverage by 131.1% in the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock valued at $29,875,000 after acquiring an additional 294,596 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $59.40 on Tuesday. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The firm has a market capitalization of $12.04 billion, a PE ratio of 11.10, a PEG ratio of 1.52 and a beta of 0.81. The business’s 50 day moving average is $57.24 and its 200-day moving average is $57.45. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Sell-side analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were paid a $0.47 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.16%. Molson Coors Beverage’s payout ratio is currently 35.14%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Barclays raised Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $56.00 to $62.00 in a research note on Thursday, March 13th. Morgan Stanley raised their price objective on Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. JPMorgan Chase & Co. cut their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Finally, BNP Paribas began coverage on Molson Coors Beverage in a report on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price on the stock. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and an average target price of $63.67.

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.