Molson Coors Beverage (NYSE:TAP) Shares Acquired by Amalgamated Bank

Amalgamated Bank boosted its holdings in Molson Coors Beverage (NYSE:TAP) by 51.2% in the second quarter, HoldingsChannel reports. The firm owned 58,030 shares of the company’s stock after purchasing an additional 19,654 shares during the period. Amalgamated Bank’s holdings in Molson Coors Beverage were worth $2,950,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of TAP. 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 valued at $2,191,000 after buying an additional 149 shares during the last quarter. Empirical Finance LLC grew its holdings in Molson Coors Beverage by 3.5% during the 1st quarter. Empirical Finance LLC now owns 6,772 shares of the company’s stock worth $455,000 after acquiring an additional 226 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of 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. Affinity Investment Advisors LLC raised its stake in shares of Molson Coors Beverage by 2.9% in the 1st quarter. Affinity Investment Advisors LLC now owns 8,616 shares of the company’s stock valued at $579,000 after purchasing an additional 246 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of Molson Coors Beverage by 0.8% during the first quarter. Private Advisor Group LLC now owns 31,508 shares of the company’s stock worth $2,119,000 after purchasing an additional 250 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wells Fargo & Company upped their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. UBS Group boosted their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Bank of America reduced their price objective on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Citigroup lowered 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 research note on Wednesday, July 10th. Finally, TD Cowen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating and reduced their price target for the stock from $68.00 to $58.00 in a research report on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.53.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $55.06 on Tuesday. The firm’s 50 day moving average is $53.85 and its two-hundred day moving average is $56.80. The firm has a market capitalization of $11.67 billion, a P/E ratio of 11.01, a PEG ratio of 2.33 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 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the previous year, the business earned $1.78 EPS. The firm’s revenue for the quarter was down .4% on a year-over-year basis. Analysts anticipate that Molson Coors Beverage will post 5.75 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Investors 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 yield of 3.20%. Molson Coors Beverage’s dividend payout ratio is presently 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.