Elo Mutual Pension Insurance Co Purchases 417 Shares of Molson Coors Beverage (NYSE:TAP)

Elo Mutual Pension Insurance Co grew its position in shares of Molson Coors Beverage (NYSE:TAP) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,721 shares of the company’s stock after purchasing an additional 417 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Molson Coors Beverage were worth $901,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new stake in Molson Coors Beverage in the 4th quarter worth approximately $127,337,000. Capital International Investors lifted its holdings in shares of Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after acquiring an additional 939,142 shares during the last quarter. Ilex Capital Partners UK LLP purchased a new stake in shares of Molson Coors Beverage in the 1st quarter valued at $53,096,000. Dimensional Fund Advisors LP grew its holdings in shares of Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after purchasing an additional 434,685 shares during the last quarter. Finally, Royal London Asset Management Ltd. raised its position in Molson Coors Beverage by 471.2% in the 2nd quarter. Royal London Asset Management Ltd. now owns 452,692 shares of the company’s stock worth $23,010,000 after purchasing an additional 373,440 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $54.49 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a 50-day simple moving average of $53.77 and a two-hundred day simple moving average of $56.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. The firm has a market capitalization of $11.54 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter last year, the business posted $1.78 EPS. On average, analysts anticipate that Molson Coors Beverage will post 5.75 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 30th were paid a $0.44 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.23%. Molson Coors Beverage’s payout ratio is 35.20%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TAP. Jefferies Financial Group reduced their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research note on Thursday, July 18th. Citigroup reduced their price target on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research report on Wednesday, July 10th. TD Cowen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating and lowered their price objective for the company from $68.00 to $58.00 in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Barclays upped their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a report on Thursday, August 8th. Three 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. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $60.53.

Molson Coors Beverage Company 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.