Raymond James Financial Services Advisors Inc. Acquires 19,398 Shares of Molson Coors Beverage (NYSE:TAP)

Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Molson Coors Beverage (NYSE:TAPGet Rating) by 50.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 58,018 shares of the company’s stock after purchasing an additional 19,398 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Molson Coors Beverage were worth $2,784,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Molson Coors Beverage by 6.1% during the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock valued at $1,138,589,000 after acquiring an additional 1,235,013 shares in the last quarter. State Street Corp raised its position in shares of Molson Coors Beverage by 1.7% in the first quarter. State Street Corp now owns 8,727,747 shares of the company’s stock valued at $465,887,000 after purchasing an additional 143,757 shares during the period. Capital International Investors raised its position in shares of Molson Coors Beverage by 1.0% in the first quarter. Capital International Investors now owns 4,721,084 shares of the company’s stock valued at $252,011,000 after purchasing an additional 49,044 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Molson Coors Beverage by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,216,836 shares of the company’s stock valued at $171,722,000 after purchasing an additional 312,326 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Molson Coors Beverage by 2.2% in the second quarter. Legal & General Group Plc now owns 1,709,868 shares of the company’s stock valued at $93,204,000 after purchasing an additional 37,051 shares during the period. Institutional investors own 76.24% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on TAP shares. Wells Fargo & Company lowered shares of Molson Coors Beverage from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $52.00 to $45.00 in a research report on Tuesday, January 3rd. Deutsche Bank Aktiengesellschaft lowered shares of Molson Coors Beverage from a “hold” rating to a “sell” rating and set a $50.00 target price on the stock. in a research report on Tuesday, December 6th. Wedbush initiated coverage on shares of Molson Coors Beverage in a research report on Monday, October 10th. They set a “neutral” rating and a $50.00 target price on the stock. Credit Suisse Group dropped their target price on shares of Molson Coors Beverage from $49.00 to $48.00 and set an “underperform” rating on the stock in a research report on Thursday, October 27th. Finally, StockNews.com downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Saturday, November 19th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus price target of $54.00.

Molson Coors Beverage Stock Up 0.9 %

Shares of NYSE:TAP opened at $50.76 on Monday. The company’s fifty day moving average is $52.36 and its 200-day moving average is $52.67. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.52 and a current ratio of 0.77. Molson Coors Beverage has a 52 week low of $46.69 and a 52 week high of $60.12. The company has a market capitalization of $10.99 billion, a PE ratio of 22.26, a P/E/G ratio of 3.17 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAPGet Rating) last released its quarterly earnings results on Tuesday, November 1st. The company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.04). Molson Coors Beverage had a net margin of 3.85% and a return on equity of 5.78%. The business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $2.86 billion. Equities research analysts predict that Molson Coors Beverage will post 3.86 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Friday, December 2nd were issued a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $1.52 annualized dividend and a yield of 2.99%. Molson Coors Beverage’s dividend payout ratio is currently 66.67%.

Molson Coors Beverage Profile

(Get Rating)

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. 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.

Further Reading

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

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