Aviance Capital Partners LLC Boosts Stock Position in Molson Coors Beverage (NYSE:TAP)

Aviance Capital Partners LLC lifted its position in Molson Coors Beverage (NYSE:TAP) by 5.6% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 24,665 shares of the company’s stock after buying an additional 1,303 shares during the quarter. Aviance Capital Partners LLC’s holdings in Molson Coors Beverage were worth $1,659,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TAP. Pacer Advisors Inc. raised its holdings in shares of Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after buying an additional 2,121,211 shares during the period. Norges Bank purchased a new stake in shares of Molson Coors Beverage in the 4th quarter valued at $127,337,000. AQR Capital Management LLC raised its holdings in shares of Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after buying an additional 1,500,269 shares during the period. Morgan Stanley raised its holdings in shares of Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after buying an additional 988,864 shares during the period. Finally, Deutsche Bank AG grew its stake in Molson Coors Beverage by 57.4% during the 3rd quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after purchasing an additional 449,971 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

TAP has been the subject of several analyst reports. Piper Sandler initiated coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price for the company. Deutsche Bank Aktiengesellschaft boosted their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Barclays lowered their target price on Molson Coors Beverage from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 29th. UBS Group lowered their target price 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. Finally, Bank of America lowered their target price on Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $65.07.

Molson Coors Beverage Stock Performance

TAP traded down $0.20 on Monday, hitting $50.63. 131,317 shares of the company traded hands, compared to its average volume of 1,943,441. The company has a 50 day moving average of $55.09 and a 200-day moving average of $60.62. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.73 billion, a PE ratio of 10.17, a PEG ratio of 1.83 and a beta of 0.81. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.74 by $0.21. The firm 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 revenue was up 10.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.54 EPS. Sell-side analysts anticipate that Molson Coors Beverage will post 5.69 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Friday, June 7th. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

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.