Addenda Capital Inc. Grows Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Addenda Capital Inc. boosted its position in shares of Molson Coors Beverage (NYSE:TAP) by 4.0% in the first quarter, Holdings Channel.com reports. The firm owned 11,405 shares of the company’s stock after acquiring an additional 437 shares during the period. Addenda Capital Inc.’s holdings in Molson Coors Beverage were worth $767,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Paralel Advisors LLC raised its holdings in shares of Molson Coors Beverage by 1.1% during the third quarter. Paralel Advisors LLC now owns 37,005 shares of the company’s stock worth $2,353,000 after purchasing an additional 418 shares during the period. Acadian Asset Management LLC bought a new position in Molson Coors Beverage in the third quarter worth about $173,000. LPL Financial LLC boosted its stake in Molson Coors Beverage by 1.0% in the third quarter. LPL Financial LLC now owns 75,030 shares of the company’s stock valued at $4,771,000 after acquiring an additional 769 shares during the period. Stifel Financial Corp grew its holdings in shares of Molson Coors Beverage by 28.5% during the third quarter. Stifel Financial Corp now owns 38,601 shares of the company’s stock valued at $2,455,000 after purchasing an additional 8,552 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Molson Coors Beverage by 16.8% during the 3rd quarter. Federated Hermes Inc. now owns 102,433 shares of the company’s stock worth $6,514,000 after purchasing an additional 14,750 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 0.4 %

Shares of TAP stock opened at $50.83 on Friday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $70.90. The stock has a market cap of $10.77 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 1.83 and a beta of 0.81. The business’s fifty day moving average is $55.09 and its 200-day moving average is $60.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69.

Molson Coors Beverage (NYSE:TAP) last issued 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 company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same period last year, the firm earned $0.54 EPS. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. Equities analysts expect that Molson Coors Beverage will post 5.68 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, June 7th. Molson Coors Beverage’s payout ratio is 35.20%.

Analyst Ratings Changes

TAP has been the topic of several recent research reports. UBS Group cut their price target on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Evercore ISI cut their price target on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Bank of America cut their price target on Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Citigroup cut their price target on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a report on Wednesday, May 1st. Finally, Piper Sandler started coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.07.

Molson Coors Beverage 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.