Parallel Advisors LLC Boosts Stock Position in Molson Coors Beverage (NYSE:TAP)

Parallel Advisors LLC increased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 8.3% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,029 shares of the company’s stock after acquiring an additional 538 shares during the period. Parallel Advisors LLC’s holdings in Molson Coors Beverage were worth $403,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TAP. Truvestments Capital LLC increased its stake in Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after buying an additional 202 shares in the last quarter. Catalyst Capital Advisors LLC increased its position in shares of Molson Coors Beverage by 143.6% during the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after purchasing an additional 428 shares in the last quarter. SRS Capital Advisors Inc. grew its holdings in shares of Molson Coors Beverage by 38.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after buying an additional 203 shares in the last quarter. Private Trust Co. NA grew its stake in Molson Coors Beverage by 53.1% during the 4th quarter. Private Trust Co. NA now owns 796 shares of the company’s stock valued at $46,000 after acquiring an additional 276 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in Molson Coors Beverage by 101.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 973 shares of the company’s stock valued at $56,000 after acquiring an additional 489 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $58.72 on Friday. The business has a 50-day moving average of $57.56 and a 200 day moving average of $57.53. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a market capitalization of $11.90 billion, a price-to-earnings ratio of 10.98, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, February 13th. The company reported $1.30 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. As a group, sell-side analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were issued a $0.47 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.20%. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.14%.

Wall Street Analysts Forecast Growth

TAP has been the subject of several research reports. JPMorgan Chase & Co. dropped their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their target price for the company from $57.00 to $70.00 in a report on Friday, December 6th. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price for the company. Barclays raised shares of Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $56.00 to $62.00 in a report on Thursday, March 13th. Finally, Morgan Stanley upped their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $63.67.

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.