Raymond James Financial Inc. Makes New Investment in Molson Coors Beverage (NYSE:TAP)

Raymond James Financial Inc. bought a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 482,562 shares of the company’s stock, valued at approximately $27,660,000. Raymond James Financial Inc. owned about 0.23% of Molson Coors Beverage as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Integrated Investment Consultants LLC raised its stake in Molson Coors Beverage by 4.7% during the third quarter. Integrated Investment Consultants LLC now owns 4,154 shares of the company’s stock valued at $239,000 after buying an additional 185 shares during the last quarter. Pallas Capital Advisors LLC increased its holdings in shares of Molson Coors Beverage by 1.2% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,017 shares of the company’s stock valued at $975,000 after acquiring an additional 199 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of Molson Coors Beverage by 7.4% in the 4th quarter. Venturi Wealth Management LLC now owns 2,935 shares of the company’s stock worth $168,000 after purchasing an additional 202 shares during the last quarter. SRS Capital Advisors Inc. raised its position in shares of Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the last quarter. Finally, Red Spruce Capital LLC boosted its stake in Molson Coors Beverage by 1.0% in the 4th quarter. Red Spruce Capital LLC now owns 27,010 shares of the company’s stock worth $1,548,000 after purchasing an additional 273 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. BNP Paribas started coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They issued a “neutral” rating and a $64.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. lowered their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $63.67.

Molson Coors Beverage Trading Up 1.6 %

NYSE:TAP opened at $59.68 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The business has a fifty day moving average price of $57.08 and a 200-day moving average price of $57.31. The firm has a market capitalization of $12.09 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. 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 (NYSE:TAP) last issued its earnings results 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 return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. Sell-side analysts forecast that Molson Coors Beverage will post 6.35 EPS 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 paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.15%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.14%.

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.