Glenmede Trust Co. NA Boosts Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Glenmede Trust Co. NA increased its position in shares of Molson Coors Beverage (NYSE:TAP) by 12.8% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 235,116 shares of the company’s stock after buying an additional 26,714 shares during the period. Glenmede Trust Co. NA owned 0.11% of Molson Coors Beverage worth $13,524,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its position in shares of Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after acquiring an additional 2,155,842 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in Molson Coors Beverage during the third quarter worth approximately $48,202,000. Millennium Management LLC grew its holdings in Molson Coors Beverage by 541.4% in the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after purchasing an additional 645,847 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Molson Coors Beverage by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after buying an additional 434,685 shares in the last quarter. Finally, Randolph Co Inc acquired a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $21,754,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 0.3 %

Shares of TAP opened at $61.25 on Friday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $57.16 and a two-hundred day simple moving average of $54.50. The company has a market capitalization of $12.62 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The company had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. Molson Coors Beverage’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.92 earnings per share. As a group, equities analysts forecast that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. UBS Group boosted their target price on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen decreased their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $60.57.

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.