Molson Coors Beverage (NYSE:TAP) Shares Purchased by California Public Employees Retirement System

California Public Employees Retirement System increased its position in shares of Molson Coors Beverage (NYSE:TAP) by 26.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 455,577 shares of the company’s stock after purchasing an additional 94,125 shares during the quarter. California Public Employees Retirement System owned 0.21% of Molson Coors Beverage worth $27,886,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TAP. Pacer Advisors Inc. raised its position in 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. AQR Capital Management LLC increased 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 worth $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Morgan Stanley increased its position 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 worth $219,194,000 after purchasing an additional 988,864 shares in the last quarter. Deutsche Bank AG increased its position in shares of Molson Coors Beverage by 57.4% during the third quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after purchasing an additional 449,971 shares in the last quarter. Finally, River Road Asset Management LLC increased its position in shares of Molson Coors Beverage by 94.8% during the fourth quarter. River Road Asset Management LLC now owns 843,373 shares of the company’s stock worth $51,623,000 after purchasing an additional 410,467 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

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 that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.71% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TAP has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft boosted their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Piper Sandler began coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price for the company. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Barclays raised their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Finally, TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $68.07.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $62.54 on Friday. The firm has a market capitalization of $13.30 billion, a PE ratio of 14.34, a price-to-earnings-growth ratio of 2.17 and a beta of 0.84. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90. The stock’s 50-day simple moving average is $65.15 and its 200-day simple moving average is $62.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.12 by $0.07. The company had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.30 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.66 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 given a dividend of $0.44 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 2.81%. Molson Coors Beverage’s payout ratio is 40.37%.

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, spirits and energy, and ready to drink beverages.