Canada Pension Plan Investment Board Raises Holdings in Molson Coors Beverage (NYSE:TAP)

Canada Pension Plan Investment Board boosted its position in Molson Coors Beverage (NYSE:TAP) by 24.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 386,500 shares of the company’s stock after buying an additional 75,800 shares during the period. Canada Pension Plan Investment Board owned approximately 0.18% of Molson Coors Beverage worth $19,646,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of TAP. Corient Private Wealth LLC raised its stake in shares of Molson Coors Beverage by 254.5% during the 4th quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock worth $2,586,000 after buying an additional 30,323 shares during the period. Vinva Investment Management Ltd boosted its holdings in Molson Coors Beverage by 91.5% during the 4th quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock valued at $5,909,000 after acquiring an additional 46,101 shares during the period. Nordea Investment Management AB raised its position in Molson Coors Beverage by 153.7% in the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after purchasing an additional 15,648 shares in the last quarter. iA Global Asset Management Inc. raised its position in Molson Coors Beverage by 117.5% in the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after purchasing an additional 17,062 shares in the last quarter. Finally, Wakefield Asset Management LLLP raised its position in shares of Molson Coors Beverage by 124.5% during the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after acquiring an additional 29,552 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on TAP shares. Wells Fargo & Company lifted their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Jefferies Financial Group decreased their price target 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. 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. Barclays lifted their price objective on Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. boosted their price target on Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and an average price target of $60.53.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $54.49 on Monday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The business has a 50-day moving average of $53.77 and a two-hundred day moving average of $56.86. The stock has a market capitalization of $11.54 billion, a P/E ratio of 10.90, a P/E/G ratio of 2.33 and a beta of 0.81. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.24. The business had revenue of $3.25 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $1.78 earnings per share. On average, equities research analysts predict that Molson Coors Beverage will post 5.75 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

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