Sumitomo Mitsui DS Asset Management Company Ltd Acquires 3,956 Shares of Molson Coors Beverage (NYSE:TAP)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Molson Coors Beverage (NYSE:TAP) by 25.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,215 shares of the company’s stock after purchasing an additional 3,956 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Molson Coors Beverage were worth $1,176,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of TAP. Tennessee Valley Asset Management Partners bought a new position in shares of Molson Coors Beverage in the 4th quarter valued at about $29,000. Stone House Investment Management LLC acquired a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $32,000. Allworth Financial LP raised its position in shares of Molson Coors Beverage by 179.4% in the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after acquiring an additional 400 shares during the period. Wetzel Investment Advisors Inc. acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at approximately $61,000. Finally, Signaturefd LLC raised its position in shares of Molson Coors Beverage by 30.2% in the 4th quarter. Signaturefd LLC now owns 1,193 shares of the company’s stock valued at $73,000 after acquiring an additional 277 shares during the period. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on TAP shares. TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Piper Sandler started coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target on the stock. Citigroup downgraded shares of Molson Coors Beverage from a “neutral” rating to a “sell” rating and cut their price target for the company from $66.00 to $56.00 in a research report on Wednesday. Finally, Barclays lifted their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $68.07.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a filing with the SEC, which is available through this link. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $62.82 on Friday. The company’s fifty day simple moving average is $65.13 and its 200-day simple moving average is $62.31. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. The firm has a market cap of $13.36 billion, a PE ratio of 14.41, a P/E/G ratio of 2.22 and a beta of 0.84. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The business had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.30 earnings per share. Equities research analysts expect that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 2.80%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s payout ratio is presently 40.37%.

About Molson Coors Beverage

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.