Bank of New York Mellon Corp Raises Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Bank of New York Mellon Corp raised its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 14.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,535,604 shares of the company’s stock after buying an additional 434,250 shares during the quarter. Bank of New York Mellon Corp’s holdings in Molson Coors Beverage were worth $202,661,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in TAP. Creative Planning lifted its holdings in shares of Molson Coors Beverage by 14.7% in the 3rd quarter. Creative Planning now owns 18,890 shares of the company’s stock valued at $1,087,000 after buying an additional 2,418 shares during the period. Private Advisor Group LLC lifted its holdings in Molson Coors Beverage by 0.9% in the third quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock valued at $1,845,000 after acquiring an additional 277 shares during the period. International Assets Investment Management LLC boosted its position in Molson Coors Beverage by 1,711.8% in the 3rd quarter. International Assets Investment Management LLC now owns 54,880 shares of the company’s stock worth $3,157,000 after purchasing an additional 51,851 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Molson Coors Beverage by 12.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 56,316 shares of the company’s stock worth $3,239,000 after purchasing an additional 6,113 shares during the period. Finally, Allworth Financial LP increased its holdings in shares of Molson Coors Beverage by 33.7% during the 3rd quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock valued at $68,000 after purchasing an additional 297 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

Molson Coors Beverage stock opened at $61.51 on Friday. The company has a fifty day simple moving average of $56.60 and a 200-day simple moving average of $56.82. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.52 and a beta of 0.85. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. On average, equities analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be given a dividend of $0.47 per share. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.06%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.14%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TAP. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $52.00 to $74.00 in a report on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Barclays lifted their price target on Molson Coors Beverage from $48.00 to $56.00 and gave the company an “underweight” rating in a research note on Tuesday, February 18th. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a report on Wednesday, February 12th. Finally, UBS Group boosted their price objective on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $63.27.

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.