Red Spruce Capital LLC Has $1.55 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Red Spruce Capital LLC lifted its position in shares of Molson Coors Beverage (NYSE:TAP) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,010 shares of the company’s stock after purchasing an additional 273 shares during the quarter. Red Spruce Capital LLC’s holdings in Molson Coors Beverage were worth $1,548,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Ashton Thomas Securities LLC purchased a new position in Molson Coors Beverage during the third quarter worth about $35,000. Gladius Capital Management LP purchased a new position in shares of Molson Coors Beverage in the 3rd quarter worth approximately $42,000. True Wealth Design LLC bought a new position in shares of Molson Coors Beverage in the third quarter valued at approximately $59,000. Quarry LP bought a new position in shares of Molson Coors Beverage in the second quarter valued at approximately $54,000. Finally, Allworth Financial LP increased its position in shares of Molson Coors Beverage by 33.7% during the third quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock valued at $68,000 after acquiring an additional 297 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $55.72 on Wednesday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The business’s fifty day moving average is $58.87 and its 200 day moving average is $56.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The firm has a market cap of $11.48 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 2.05 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The firm 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%. The company’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.92 earnings per share. Research analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a dividend of $0.44 per share. The ex-dividend date was Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.16%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 39.64%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. UBS Group cut their price target on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. BNP Paribas started coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They issued a “neutral” rating and a $64.00 price objective on the stock. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a research report on Friday, December 6th. They set a “buy” rating and a $72.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $61.79.

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.