Molson Coors Beverage (NYSE:TAP) Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its position in Molson Coors Beverage (NYSE:TAP) by 21.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 207,826 shares of the company’s stock after acquiring an additional 36,141 shares during the quarter. Illinois Municipal Retirement Fund owned 0.10% of Molson Coors Beverage worth $10,564,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TAP. Montag A & Associates Inc. acquired a new stake in Molson Coors Beverage during the 4th quarter valued at $31,000. Family Firm Inc. purchased a new position in Molson Coors Beverage in the 2nd quarter valued at about $26,000. Raleigh Capital Management Inc. grew its stake in shares of Molson Coors Beverage by 2,087.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after acquiring an additional 501 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in shares of Molson Coors Beverage during the fourth quarter worth about $36,000. Finally, Crewe Advisors LLC purchased a new stake in shares of Molson Coors Beverage during the first quarter worth about $43,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Trading Down 0.1 %

Shares of NYSE TAP opened at $55.77 on Friday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 2.34 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $52.87 and its 200 day simple moving average is $57.43.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the previous year, the company posted $1.78 earnings per share. The company’s revenue for the quarter was down .4% compared to the same quarter last year. Equities research analysts expect that Molson Coors Beverage will post 5.75 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be paid a $0.44 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.16%. Molson Coors Beverage’s payout ratio is currently 35.20%.

Wall Street Analysts Forecast Growth

TAP has been the topic of several analyst reports. Piper Sandler lifted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Citigroup dropped their price target on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research note on Wednesday, July 10th. Wells Fargo & Company increased their price objective on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Barclays raised their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group reduced their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research report on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $60.53.

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.