Capital Group Private Client Services Inc. Grows Position in Molson Coors Beverage (NYSE:TAP)

Capital Group Private Client Services Inc. grew its position in shares of Molson Coors Beverage (NYSE:TAP) by 7.8% during the first quarter, Holdings Channel.com reports. The fund owned 147,030 shares of the company’s stock after purchasing an additional 10,586 shares during the quarter. Capital Group Private Client Services Inc.’s holdings in Molson Coors Beverage were worth $9,888,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new position in Molson Coors Beverage during the fourth quarter worth about $29,000. Montag A & Associates Inc. purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $31,000. Raleigh Capital Management Inc. grew its holdings in shares of Molson Coors Beverage by 2,087.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Molson Coors Beverage during the fourth quarter valued at approximately $36,000. Finally, Allworth Financial LP lifted its holdings in Molson Coors Beverage by 179.4% during the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after acquiring an additional 400 shares during the period. Institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Bank of America reduced their price objective on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Wells Fargo & Company reduced their price target on shares of Molson Coors Beverage from $55.00 to $50.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Evercore ISI lowered their price objective on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Citigroup reduced their target price on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research report on Wednesday, July 10th. Finally, StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.47.

Molson Coors Beverage Price Performance

NYSE TAP traded up $0.32 during trading hours on Friday, hitting $54.33. The company had a trading volume of 1,631,922 shares, compared to its average volume of 1,934,246. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 10.87, a PEG ratio of 2.05 and a beta of 0.81. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $70.89. The firm has a 50 day simple moving average of $52.04 and a 200 day simple moving average of $59.33.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The company had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. Molson Coors Beverage’s revenue was up 10.7% compared to the same quarter last year. During the same period last year, the business earned $0.54 earnings per share. Equities research analysts expect that Molson Coors Beverage will post 5.58 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be issued a $0.44 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.24%. Molson Coors Beverage’s payout ratio is currently 35.20%.

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.