Victory Capital Management Inc. Acquires 105,043 Shares of Molson Coors Beverage (NYSE:TAP)

Victory Capital Management Inc. grew its holdings in shares of Molson Coors Beverage (NYSE:TAPGet Rating) by 36.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 396,518 shares of the company’s stock after buying an additional 105,043 shares during the quarter. Victory Capital Management Inc. owned approximately 0.18% of Molson Coors Beverage worth $21,254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TAP. Retirement Planning Co of New England Inc. bought a new stake in Molson Coors Beverage during the 4th quarter worth about $28,000. Tobam bought a new stake in shares of Molson Coors Beverage in the 1st quarter valued at about $37,000. CWM LLC bought a new stake in shares of Molson Coors Beverage in the 4th quarter valued at about $50,000. Manchester Capital Management LLC raised its holdings in shares of Molson Coors Beverage by 324.2% in the 4th quarter. Manchester Capital Management LLC now owns 1,366 shares of the company’s stock valued at $63,000 after purchasing an additional 1,044 shares during the period. Finally, CKW Financial Group raised its holdings in shares of Molson Coors Beverage by 22.2% in the 1st quarter. CKW Financial Group now owns 1,650 shares of the company’s stock valued at $86,000 after purchasing an additional 300 shares during the period. 79.62% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP opened at $52.91 on Friday. The company’s 50 day moving average price is $55.21 and its two-hundred day moving average price is $53.10. Molson Coors Beverage has a 12-month low of $42.46 and a 12-month high of $60.12. The firm has a market cap of $11.48 billion, a PE ratio of 15.70, a PEG ratio of 2.79 and a beta of 0.82. The company has a quick ratio of 0.54, a current ratio of 0.82 and a debt-to-equity ratio of 0.48.

Molson Coors Beverage (NYSE:TAPGet Rating) last announced its earnings results on Tuesday, August 2nd. The company reported $1.19 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.19. Molson Coors Beverage had a net margin of 5.73% and a return on equity of 6.46%. The firm had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the business posted $1.58 EPS. The business’s revenue was down .6% compared to the same quarter last year. Equities research analysts predict that Molson Coors Beverage will post 4.03 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.87%. Molson Coors Beverage’s payout ratio is presently 45.10%.

Analyst Ratings Changes

TAP has been the topic of a number of research analyst reports. Redburn Partners raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating in a report on Wednesday, July 13th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their target price for the company from $46.00 to $54.00 in a report on Tuesday, June 28th. Sanford C. Bernstein cut shares of Molson Coors Beverage from an “outperform” rating to a “market perform” rating and set a $59.00 target price on the stock. in a report on Tuesday, May 17th. Citigroup upped their target price on shares of Molson Coors Beverage from $58.00 to $61.00 in a report on Friday, May 6th. Finally, Credit Suisse Group decreased their price target on shares of Molson Coors Beverage from $50.00 to $49.00 and set an “underperform” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $53.67.

Molson Coors Beverage Company Profile

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Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, Middle East, Africa, and Asia Pacific. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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