681,300 Shares in Molson Coors Beverage (NYSE:TAP) Purchased by Estuary Capital Management LP

Estuary Capital Management LP bought a new stake in shares of Molson Coors Beverage (NYSE:TAP) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 681,300 shares of the company’s stock, valued at approximately $39,052,000. Molson Coors Beverage accounts for approximately 11.4% of Estuary Capital Management LP’s investment portfolio, making the stock its 6th largest holding. Estuary Capital Management LP owned 0.33% of Molson Coors Beverage as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of TAP. Fairfax Financial Holdings Ltd. Can bought a new position in shares of Molson Coors Beverage in the 4th quarter worth $68,010,000. Clark Capital Management Group Inc. boosted its holdings in Molson Coors Beverage by 11.0% during the fourth quarter. Clark Capital Management Group Inc. now owns 492,334 shares of the company’s stock worth $28,221,000 after buying an additional 48,819 shares during the last quarter. CoreCap Advisors LLC grew its position in shares of Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after buying an additional 643 shares during the period. BOKF NA increased its stake in shares of Molson Coors Beverage by 5.4% in the 4th quarter. BOKF NA now owns 33,734 shares of the company’s stock valued at $1,769,000 after acquiring an additional 1,741 shares during the last quarter. Finally, Brevan Howard Capital Management LP raised its position in shares of Molson Coors Beverage by 189.4% in the 4th quarter. Brevan Howard Capital Management LP now owns 45,108 shares of the company’s stock valued at $2,586,000 after acquiring an additional 29,521 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $54.29 on Friday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $64.66. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 10.15, a PEG ratio of 1.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The business has a 50-day moving average of $59.22 and a 200-day moving average of $58.41.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm earned $0.95 EPS. The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. As a group, sell-side analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Thursday, February 27th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.14%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TAP shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 target price on shares of Molson Coors Beverage in a research note on Tuesday, April 29th. Barclays dropped their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their price target for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Finally, JPMorgan Chase & Co. cut their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Eleven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $64.14.

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.