Prudential PLC Purchases 9,070 Shares of Molson Coors Beverage (NYSE:TAP)

Prudential PLC increased its position in shares of Molson Coors Beverage (NYSE:TAP) by 18.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,022 shares of the company’s stock after buying an additional 9,070 shares during the period. Prudential PLC’s holdings in Molson Coors Beverage were worth $2,949,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Czech National Bank lifted its holdings in shares of Molson Coors Beverage by 0.5% during the first quarter. Czech National Bank now owns 32,580 shares of the company’s stock worth $2,191,000 after buying an additional 149 shares during the last quarter. Kentucky Retirement Systems raised its stake in Molson Coors Beverage by 1.5% during the 4th quarter. Kentucky Retirement Systems now owns 14,815 shares of the company’s stock valued at $907,000 after purchasing an additional 221 shares during the last quarter. Empirical Finance LLC boosted its holdings in 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 grew its position 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 during the last quarter. Finally, Affinity Investment Advisors LLC increased its holdings in shares of 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 purchasing an additional 246 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. TD Cowen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating and reduced their target price for the company from $68.00 to $58.00 in a research note on Wednesday, August 7th. 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. Deutsche Bank Aktiengesellschaft upped their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Citigroup decreased their price target on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Finally, Barclays increased their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. Three 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 stock presently has an average rating of “Hold” and an average target price of $60.53.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $53.84 on Thursday. The stock has a market capitalization of $11.41 billion, a P/E ratio of 10.77, a price-to-earnings-growth ratio of 2.41 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.75 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 50 day moving average of $53.12 and a 200-day moving average of $57.27.

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. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. 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 previous year, the firm earned $1.78 earnings per share. The business’s revenue was down .4% on a year-over-year basis. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.75 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is currently 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.