Molson Coors Beverage (NYSE:TAP) Position Increased by Verition Fund Management LLC

Verition Fund Management LLC increased its stake in Molson Coors Beverage (NYSE:TAP) by 927.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 79,617 shares of the company’s stock after purchasing an additional 71,870 shares during the period. Verition Fund Management LLC’s holdings in Molson Coors Beverage were worth $4,580,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Clark Estates Inc. NY lifted its holdings in shares of Molson Coors Beverage by 18.1% in the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock worth $3,451,000 after purchasing an additional 9,200 shares during the last quarter. Wakefield Asset Management LLLP lifted its holdings in shares of Molson Coors Beverage by 124.5% in the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Molson Coors Beverage in the 2nd quarter worth approximately $3,842,000. Wedge Capital Management L L P NC lifted its holdings in shares of Molson Coors Beverage by 4.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock worth $35,023,000 after purchasing an additional 27,203 shares during the last quarter. Finally, M&G Plc increased its position in Molson Coors Beverage by 7.4% in the 2nd quarter. M&G Plc now owns 273,378 shares of the company’s stock valued at $13,942,000 after acquiring an additional 18,889 shares during the period. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. 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. Barclays raised their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Piper Sandler raised their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen lowered their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Finally, Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their target price for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus price target of $60.00.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $61.48 on Wednesday. The stock has a market cap of $12.67 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 2.39 and a beta of 0.85. The business has a fifty day simple moving average of $57.57 and a 200-day simple moving average of $54.56. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.92 earnings per share. On average, sell-side analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.44 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 2.86%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 39.64%.

Molson Coors Beverage Company 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.