PNC Financial Services Group Inc. Purchases 7,086 Shares of Molson Coors Beverage (NYSE:TAP)

PNC Financial Services Group Inc. boosted its position in shares of Molson Coors Beverage (NYSE:TAP) by 31.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,493 shares of the company’s stock after buying an additional 7,086 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Molson Coors Beverage were worth $1,696,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Family Firm Inc. bought a new position in Molson Coors Beverage in the 2nd quarter worth $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage in the 2nd quarter worth $27,000. GPS Wealth Strategies Group LLC raised its holdings in Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in Molson Coors Beverage in the 3rd quarter worth $35,000. Finally, Gladius Capital Management LP purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter worth about $42,000. 78.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of recent research reports. UBS Group upped their target price on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays raised their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, November 11th. 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 note on Tuesday, October 8th. BNP Paribas began coverage on shares of Molson Coors Beverage in a research note on Monday. They issued a “neutral” rating and a $64.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $60.57.

Molson Coors Beverage Price Performance

TAP stock opened at $61.41 on Wednesday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company’s fifty day moving average price is $56.94 and its 200-day moving average price is $54.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The company has a market capitalization of $12.65 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the firm earned $1.92 earnings per share. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. On average, equities analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.87%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

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.