Park Avenue Securities LLC Makes New $383,000 Investment in Molson Coors Beverage (NYSE:TAP)

Park Avenue Securities LLC purchased a new stake in Molson Coors Beverage (NYSE:TAP) during the first quarter, HoldingsChannel reports. The institutional investor purchased 5,691 shares of the company’s stock, valued at approximately $383,000.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Czech National Bank increased its stake in Molson Coors Beverage by 0.5% in the 1st quarter. Czech National Bank now owns 32,580 shares of the company’s stock valued at $2,191,000 after buying an additional 149 shares during the last quarter. Alaska Permanent Fund Corp bought a new position in Molson Coors Beverage during the 1st quarter worth $1,140,000. Tompkins Financial Corp bought a new stake in shares of Molson Coors Beverage in the first quarter valued at about $101,000. GAMMA Investing LLC grew its stake in shares of Molson Coors Beverage by 39.7% in the first quarter. GAMMA Investing LLC now owns 2,090 shares of the company’s stock valued at $141,000 after acquiring an additional 594 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Molson Coors Beverage during the first quarter worth about $3,911,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $50.83 on Friday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $70.90. The firm has a market capitalization of $10.77 billion, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 1.83 and a beta of 0.81. The business’s fifty day simple moving average is $55.09 and its 200 day simple moving average is $60.65. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40.

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

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, June 7th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

Analyst Upgrades and Downgrades

TAP has been the subject of several analyst reports. Piper Sandler assumed coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price for the company. UBS Group lowered their price objective on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. JPMorgan Chase & Co. cut their target price on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Finally, Barclays reduced their price objective on shares of Molson Coors Beverage from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average target price 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.