Gateway Investment Advisers LLC Buys New Shares in Molson Coors Beverage (NYSE:TAP)

Gateway Investment Advisers LLC bought a new position in shares of Molson Coors Beverage (NYSE:TAP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,698 shares of the company’s stock, valued at approximately $213,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Czech National Bank boosted its stake in shares of Molson Coors Beverage by 0.5% during the 1st quarter. Czech National Bank now owns 32,580 shares of the company’s stock worth $2,191,000 after acquiring an additional 149 shares in the last quarter. Perpetual Ltd lifted its holdings in shares of Molson Coors Beverage by 1.0% during the third quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock valued at $1,182,000 after purchasing an additional 197 shares during the last quarter. Empirical Finance LLC boosted its position in shares of Molson Coors Beverage by 3.5% in the 1st quarter. Empirical Finance LLC now owns 6,772 shares of the company’s stock valued at $455,000 after purchasing an additional 226 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in Molson Coors Beverage by 1.6% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 14,867 shares of the company’s stock worth $1,000,000 after purchasing an additional 231 shares in the last quarter. Finally, Affinity Investment Advisors LLC raised its holdings in Molson Coors Beverage by 2.9% during the 1st quarter. Affinity Investment Advisors LLC now owns 8,616 shares of the company’s stock worth $579,000 after buying an additional 246 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 0.7 %

NYSE:TAP opened at $54.85 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. The company has a market capitalization of $11.62 billion, a P/E ratio of 10.97, a P/E/G ratio of 2.35 and a beta of 0.81. The stock’s 50 day moving average price is $54.57 and its 200 day moving average price is $55.60. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.18 billion. During the same quarter in the prior year, the business posted $1.78 EPS. Molson Coors Beverage’s quarterly revenue was down .4% on a year-over-year basis. On average, research analysts forecast that Molson Coors Beverage will post 5.74 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a $0.44 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.21%. Molson Coors Beverage’s dividend payout ratio is currently 35.20%.

Analysts Set New Price Targets

Several research analysts have commented on TAP shares. Citigroup decreased their target price on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. TD Cowen lowered their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Piper Sandler boosted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company upped their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.21.

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.