Patton Fund Management Inc. Has $3.63 Million Position in Molson Coors Beverage (NYSE:TAP)

Patton Fund Management Inc. increased its holdings in Molson Coors Beverage (NYSE:TAP) by 133.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,120 shares of the company’s stock after purchasing an additional 31,495 shares during the period. Molson Coors Beverage makes up 1.1% of Patton Fund Management Inc.’s portfolio, making the stock its 18th biggest position. Patton Fund Management Inc.’s holdings in Molson Coors Beverage were worth $3,629,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TAP. Belpointe Asset Management LLC increased its position in shares of Molson Coors Beverage by 12.7% during the first quarter. Belpointe Asset Management LLC now owns 1,521 shares of the company’s stock worth $79,000 after acquiring an additional 171 shares in the last quarter. Meridian Investment Counsel Inc. raised its stake in shares of Molson Coors Beverage by 0.4% in the 1st quarter. Meridian Investment Counsel Inc. now owns 48,740 shares of the company’s stock valued at $2,519,000 after purchasing an additional 190 shares during the period. Forza Wealth Management LLC lifted its holdings in shares of Molson Coors Beverage by 1.3% in the first quarter. Forza Wealth Management LLC now owns 15,940 shares of the company’s stock valued at $824,000 after purchasing an additional 200 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Molson Coors Beverage by 4.6% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 4,692 shares of the company’s stock worth $242,000 after buying an additional 206 shares during the period. Finally, Wedge Capital Management L L P NC grew its holdings in shares of Molson Coors Beverage by 2.6% during the first quarter. Wedge Capital Management L L P NC now owns 8,285 shares of the company’s stock worth $428,000 after buying an additional 210 shares in the last quarter. 73.95% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on TAP shares. Citigroup reiterated a “positive” rating on shares of Molson Coors Beverage in a research note on Wednesday, June 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $63.00 price target on shares of Molson Coors Beverage in a research report on Wednesday, August 2nd. Jefferies Financial Group increased their price objective on Molson Coors Beverage from $74.00 to $75.00 in a report on Tuesday, June 6th. Barclays lowered their target price on shares of Molson Coors Beverage from $70.00 to $67.00 and set an “equal weight” rating on the stock in a report on Thursday, August 3rd. Finally, 58.com reaffirmed a “maintains” rating on shares of Molson Coors Beverage in a research report on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $62.40.

Molson Coors Beverage Price Performance

Shares of TAP stock traded down $0.01 during trading hours on Tuesday, reaching $64.41. The company’s stock had a trading volume of 62,180 shares, compared to its average volume of 1,936,655. The company has a quick ratio of 0.64, a current ratio of 0.87 and a debt-to-equity ratio of 0.47. Molson Coors Beverage has a fifty-two week low of $46.69 and a fifty-two week high of $70.90. The company has a market capitalization of $13.93 billion, a price-to-earnings ratio of 402.56, a PEG ratio of 1.72 and a beta of 0.88. The firm’s 50 day simple moving average is $65.20 and its 200-day simple moving average is $61.66.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, August 1st. The company reported $1.78 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $3.31 billion. Sell-side analysts forecast that Molson Coors Beverage will post 5.07 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Friday, September 1st were issued a $0.41 dividend. The ex-dividend date was Thursday, August 31st. This represents a $1.64 dividend on an annualized basis and a yield of 2.55%. Molson Coors Beverage’s payout ratio is 1,025.00%.

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, 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.