Horizon Investments LLC increased its holdings in shares of Molson Coors Beverage (NYSE:TAP – Get Rating) by 24.1% during the 1st quarter, Holdings Channel.com reports. The fund owned 25,815 shares of the company’s stock after acquiring an additional 5,013 shares during the period. Horizon Investments LLC’s holdings in Molson Coors Beverage were worth $1,378,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Tobam acquired a new stake in Molson Coors Beverage in the 1st quarter valued at $37,000. Lazard Asset Management LLC boosted its stake in shares of Molson Coors Beverage by 96.4% in the 1st quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock valued at $40,000 after purchasing an additional 373 shares in the last quarter. Quent Capital LLC boosted its stake in shares of Molson Coors Beverage by 108.9% in the 1st quarter. Quent Capital LLC now owns 1,239 shares of the company’s stock valued at $66,000 after purchasing an additional 646 shares in the last quarter. CKW Financial Group grew its position in Molson Coors Beverage by 22.2% during the 1st quarter. CKW Financial Group now owns 1,650 shares of the company’s stock worth $86,000 after acquiring an additional 300 shares during the last quarter. Finally, CWM LLC increased its holdings in Molson Coors Beverage by 81.3% during the 1st quarter. CWM LLC now owns 1,953 shares of the company’s stock valued at $104,000 after purchasing an additional 876 shares in the last quarter. Institutional investors and hedge funds own 79.22% of the company’s stock.
Wall Street Analysts Forecast Growth
TAP has been the topic of several analyst reports. Credit Suisse Group cut their price objective on shares of Molson Coors Beverage from $50.00 to $49.00 and set an “underperform” rating on the stock in a report on Wednesday, August 3rd. TheStreet downgraded Molson Coors Beverage from a “b” rating to a “c+” rating in a research note on Thursday, August 4th. Bryan, Garnier & Co cut Molson Coors Beverage from a “buy” rating to a “sell” rating and set a $54.00 price target for the company. in a report on Thursday, September 1st. UBS Group boosted their price objective on shares of Molson Coors Beverage from $54.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Molson Coors Beverage from $54.00 to $52.00 in a report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus target price of $53.50.
Molson Coors Beverage Stock Up 0.7 %
Molson Coors Beverage (NYSE:TAP – Get Rating) last released its quarterly earnings data 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 company had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter in the prior year, the firm earned $1.58 EPS. The business’s revenue was down .6% on a year-over-year basis. As a group, sell-side analysts predict that Molson Coors Beverage will post 3.91 EPS for the current fiscal year.
Molson Coors Beverage Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Thursday, September 1st. Molson Coors Beverage’s payout ratio is presently 45.10%.
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, 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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