PNC Financial Services Group Inc. Has $1.71 Million Position in Molson Coors Beverage (NYSE:TAP)

PNC Financial Services Group Inc. boosted its stake in Molson Coors Beverage (NYSE:TAP) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,880 shares of the company’s stock after purchasing an additional 387 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Molson Coors Beverage were worth $1,713,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TAP. State Street Corp increased its position in Molson Coors Beverage by 8.4% in the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after buying an additional 681,757 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after acquiring an additional 434,250 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Molson Coors Beverage by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,684,621 shares of the company’s stock worth $96,562,000 after purchasing an additional 33,234 shares during the period. Thompson Siegel & Walmsley LLC bought a new position in shares of Molson Coors Beverage in the 3rd quarter worth $48,202,000. Finally, RWC Asset Management LLP increased its stake in Molson Coors Beverage by 17.8% during the 4th quarter. RWC Asset Management LLP now owns 747,184 shares of the company’s stock valued at $42,829,000 after purchasing an additional 113,091 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Up 1.6 %

Molson Coors Beverage stock opened at $59.68 on Friday. The firm has a 50 day simple moving average of $57.17 and a 200 day simple moving average of $57.38. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The firm has a market capitalization of $12.09 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.13. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. On average, analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.15%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio is presently 35.14%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TAP. Morgan Stanley raised their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. BNP Paribas started coverage on Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price on the stock. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price target for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. Finally, Barclays raised shares of Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $56.00 to $62.00 in a report on Thursday. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $63.67.

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.