Verdence Capital Advisors LLC Buys Shares of 5,325 Molson Coors Beverage (NYSE:TAP)

Verdence Capital Advisors LLC bought a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,325 shares of the company’s stock, valued at approximately $326,000.

Several other large investors have also modified their holdings of the business. AQR Capital Management LLC boosted its position in shares of Molson Coors Beverage by 76.0% during the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after buying an additional 1,500,269 shares during the period. Morgan Stanley raised its stake in shares of Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after acquiring an additional 988,864 shares in the last quarter. Invesco Ltd. raised its stake in shares of Molson Coors Beverage by 13.0% during the third quarter. Invesco Ltd. now owns 3,087,469 shares of the company’s stock valued at $196,332,000 after acquiring an additional 355,694 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Molson Coors Beverage by 9,466.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of Molson Coors Beverage by 12.1% during the third quarter. Northern Trust Corp now owns 2,017,226 shares of the company’s stock valued at $128,275,000 after acquiring an additional 218,002 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TAP. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Citigroup lifted their price target on shares of Molson Coors Beverage from $63.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target for the company. Finally, TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and an average target price of $68.73.

Molson Coors Beverage Price Performance

NYSE TAP opened at $64.13 on Wednesday. The firm’s fifty day simple moving average is $65.02 and its two-hundred day simple moving average is $62.27. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The firm has a market capitalization of $13.63 billion, a P/E ratio of 14.71, a P/E/G ratio of 2.22 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period in the previous year, the company earned $1.30 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts forecast that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.44 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s payout ratio is currently 40.37%.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.71% of the company’s stock.

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, spirits and energy, and ready to drink beverages.