Bank of Nova Scotia Has $884,000 Stock Position in Molson Coors Beverage (NYSE:TAP)

Bank of Nova Scotia lessened its stake in Molson Coors Beverage (NYSE:TAPGet Rating) by 33.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,243 shares of the company’s stock after selling 8,143 shares during the quarter. Bank of Nova Scotia’s holdings in Molson Coors Beverage were worth $884,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in TAP. Win Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 51.8% in the 2nd quarter. Win Advisors Inc. now owns 516 shares of the company’s stock valued at $29,000 after buying an additional 176 shares during the last quarter. CX Institutional bought a new stake in Molson Coors Beverage in the 2nd quarter valued at $33,000. Global Retirement Partners LLC grew its holdings in Molson Coors Beverage by 304.9% in the 2nd quarter. Global Retirement Partners LLC now owns 664 shares of the company’s stock valued at $36,000 after buying an additional 500 shares in the last quarter. Jones Financial Companies Lllp increased its position in Molson Coors Beverage by 529.5% during the 2nd quarter. Jones Financial Companies Lllp now owns 661 shares of the company’s stock worth $36,000 after buying an additional 556 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in shares of Molson Coors Beverage by 96.4% during the first quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock worth $40,000 after buying an additional 373 shares in the last quarter. Institutional investors and hedge funds own 79.22% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $53.50 on Friday. The business has a fifty day simple moving average of $49.78 and a 200 day simple moving average of $52.99. The company has a market cap of $11.58 billion, a P/E ratio of 23.46, a P/E/G ratio of 3.51 and a beta of 0.84. The company has a quick ratio of 0.52, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. Molson Coors Beverage has a twelve month low of $42.60 and a twelve month high of $60.12.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Friday, December 2nd will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.84%. Molson Coors Beverage’s payout ratio is currently 66.67%.

Wall Street Analyst Weigh In

Several research firms recently commented on TAP. Sanford C. Bernstein decreased their price target on shares of Molson Coors Beverage to $57.00 in a research note on Tuesday, August 9th. UBS Group raised their target price on shares of Molson Coors Beverage from $54.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 3rd. Wells Fargo & Company cut their price target on Molson Coors Beverage from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Monday, October 3rd. Credit Suisse Group lowered their price objective on Molson Coors Beverage from $49.00 to $48.00 and set an “underperform” rating on the stock in a research note on Thursday, October 27th. Finally, Bryan, Garnier & Co downgraded Molson Coors Beverage from a “buy” rating to a “sell” rating and set a $54.00 target price for the company. in a research report on Thursday, September 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $53.70.

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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