Molson Coors Beverage (NYSE:TAP) Shares Purchased by Penn Mutual Asset Management LLC

Penn Mutual Asset Management LLC grew its stake in shares of Molson Coors Beverage (NYSE:TAP) by 33.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,150 shares of the company’s stock after purchasing an additional 1,300 shares during the quarter. Penn Mutual Asset Management LLC’s holdings in Molson Coors Beverage were worth $315,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Tennessee Valley Asset Management Partners acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $29,000. Montag A & Associates Inc. purchased a new stake in shares of Molson Coors Beverage during the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC acquired a new position in shares of Molson Coors Beverage during the third quarter worth $32,000. Allworth Financial LP boosted its stake in shares of Molson Coors Beverage by 179.4% in the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after purchasing an additional 400 shares during the period. Finally, Edmond DE Rothschild Holding S.A. acquired a new stake in Molson Coors Beverage during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on TAP shares. Evercore ISI reduced their price target on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Piper Sandler began coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price for the company. Citigroup dropped their price target on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating for the company in a research note on Wednesday, May 1st. Barclays reduced their price objective on shares of Molson Coors Beverage from $62.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $65.07.

Molson Coors Beverage Stock Performance

NYSE:TAP traded down $0.48 during midday trading on Friday, reaching $51.94. 2,100,688 shares of the company traded hands, compared to its average volume of 2,162,195. The firm has a market capitalization of $11.00 billion, a price-to-earnings ratio of 10.39, a price-to-earnings-growth ratio of 1.88 and a beta of 0.81. The company has a fifty day moving average price of $59.75 and a 200 day moving average price of $61.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. Molson Coors Beverage has a twelve month low of $51.90 and a twelve month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 earnings per share. On average, analysts expect that Molson Coors Beverage will post 5.68 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, June 21st. Stockholders of record on Friday, June 7th will be issued a dividend of $0.44 per share. The ex-dividend date is Friday, June 7th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.39%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

About Molson Coors Beverage

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.