Beck Bode LLC Invests $1.79 Million in Molson Coors Beverage (NYSE:TAP)

Beck Bode LLC acquired a new position in shares of Molson Coors Beverage (NYSE:TAP) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 29,165 shares of the company’s stock, valued at approximately $1,785,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tennessee Valley Asset Management Partners acquired a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $29,000. Stone House Investment Management LLC acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $32,000. Allworth Financial LP lifted its position in shares of Molson Coors Beverage by 179.4% during the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after acquiring an additional 400 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $61,000. Finally, Signaturefd LLC lifted its position in shares of Molson Coors Beverage by 30.2% during the 4th quarter. Signaturefd LLC now owns 1,193 shares of the company’s stock valued at $73,000 after acquiring an additional 277 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Barclays upped their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Friday, April 12th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Citigroup downgraded shares of Molson Coors Beverage from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $66.00 to $56.00 in a research note on Wednesday, April 24th. Finally, Piper Sandler assumed coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $68.07.

Molson Coors Beverage Price Performance

NYSE TAP traded down $6.27 during trading on Tuesday, reaching $57.29. 5,969,967 shares of the company traded hands, compared to its average volume of 1,735,450. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The stock’s 50 day moving average price is $65.18 and its two-hundred day moving average price is $62.41. The company has a market cap of $12.18 billion, a price-to-earnings ratio of 13.50, a P/E/G ratio of 2.16 and a beta of 0.84. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the previous year, the company posted $1.30 earnings per share. Molson Coors Beverage’s quarterly revenue was up 6.1% compared to the same quarter last year. As a group, analysts anticipate that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is currently 40.37%.

Insiders Place Their Bets

In other news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.71% of the company’s stock.

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.