Tompkins Financial Corp Makes New $101,000 Investment in Molson Coors Beverage (NYSE:TAP)

Tompkins Financial Corp purchased a new position in shares of Molson Coors Beverage (NYSE:TAP) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,500 shares of the company’s stock, valued at approximately $101,000.

A number of other hedge funds also recently bought and sold shares of the business. AQR Capital Management LLC boosted its position in Molson Coors Beverage by 76.0% during the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Morgan Stanley lifted its position in shares of Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after acquiring an additional 988,864 shares in the last quarter. Invesco Ltd. lifted its position in shares of Molson Coors Beverage by 13.0% in the third quarter. Invesco Ltd. now owns 3,087,469 shares of the company’s stock valued at $196,332,000 after acquiring an additional 355,694 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Molson Coors Beverage by 9,466.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Molson Coors Beverage in the fourth quarter valued at approximately $127,337,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 0.1 %

Shares of NYSE TAP opened at $50.27 on Thursday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $70.90. The company has a market cap of $10.65 billion, a P/E ratio of 10.05, a P/E/G ratio of 1.82 and a beta of 0.81. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The stock has a fifty day moving average price of $57.04 and a 200 day moving average price of $61.21.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the firm earned $0.54 EPS. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts anticipate that Molson Coors Beverage will post 5.68 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.76 annualized dividend and a dividend yield of 3.50%. Molson Coors Beverage’s dividend payout ratio is presently 35.20%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America decreased their target price on Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Piper Sandler assumed coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price on the stock. Barclays cut their price target on Molson Coors Beverage from $62.00 to $55.00 and set an “equal weight” rating for the company in a report on Wednesday, May 29th. Finally, Evercore ISI cut their price target on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and an average price target of $65.07.

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.