Kingdon Capital Management L.L.C. Takes Position in Molson Coors Beverage (NYSE:TAP)

Kingdon Capital Management L.L.C. bought a new position in shares of Molson Coors Beverage (NYSE:TAP) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 114,500 shares of the company’s stock, valued at approximately $5,917,000. Kingdon Capital Management L.L.C. owned approximately 0.05% of Molson Coors Beverage at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its stake in shares of Molson Coors Beverage by 25.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 23,269 shares of the company’s stock worth $1,242,000 after buying an additional 4,792 shares in the last quarter. American Century Companies Inc. raised its position in Molson Coors Beverage by 17.1% in the first quarter. American Century Companies Inc. now owns 18,462 shares of the company’s stock worth $985,000 after acquiring an additional 2,700 shares in the last quarter. US Bancorp DE lifted its holdings in Molson Coors Beverage by 45.7% in the 1st quarter. US Bancorp DE now owns 3,834 shares of the company’s stock valued at $205,000 after acquiring an additional 1,203 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Molson Coors Beverage by 4.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 16,654 shares of the company’s stock valued at $889,000 after purchasing an additional 720 shares in the last quarter. Finally, Natixis Advisors L.P. grew its stake in shares of Molson Coors Beverage by 26.3% in the 1st quarter. Natixis Advisors L.P. now owns 14,411 shares of the company’s stock worth $769,000 after purchasing an additional 3,001 shares during the last quarter. 73.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TAP has been the subject of several recent research reports. UBS Group increased their target price on shares of Molson Coors Beverage from $67.00 to $70.00 in a research note on Monday, June 26th. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $72.00 to $69.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 2nd. 58.com reaffirmed a “maintains” rating on shares of Molson Coors Beverage in a report on Monday, June 26th. StockNews.com began coverage on Molson Coors Beverage in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Bank of America upgraded shares of Molson Coors Beverage from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $54.00 to $68.00 in a report on Tuesday, June 6th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $62.40.

Molson Coors Beverage Stock Up 0.9 %

Shares of NYSE:TAP traded up $0.57 during midday trading on Friday, hitting $63.64. 876,207 shares of the stock were exchanged, compared to its average volume of 1,324,204. Molson Coors Beverage has a 52-week low of $46.69 and a 52-week high of $70.90. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.64 and a current ratio of 0.87. The business’s fifty day simple moving average is $65.47 and its two-hundred day simple moving average is $61.16. The company has a market capitalization of $13.76 billion, a PE ratio of 397.75, a P/E/G ratio of 1.71 and a beta of 0.88.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.15. Molson Coors Beverage had a net margin of 0.31% and a return on equity of 8.17%. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.31 billion. As a group, research analysts predict that Molson Coors Beverage will post 5.07 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a $0.41 dividend. The ex-dividend date is Thursday, August 31st. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.58%. Molson Coors Beverage’s payout ratio is presently 1,025.00%.

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.