Investment Management Corp of Ontario Has $1.81 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Investment Management Corp of Ontario lifted its stake in Molson Coors Beverage (NYSE:TAP) by 13.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,492 shares of the company’s stock after buying an additional 3,755 shares during the period. Investment Management Corp of Ontario’s holdings in Molson Coors Beverage were worth $1,805,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC grew its position in Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock worth $245,308,000 after acquiring an additional 54,867 shares during the last quarter. Invesco Ltd. grew its position in Molson Coors Beverage by 4.2% during the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company’s stock worth $217,200,000 after acquiring an additional 152,622 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Molson Coors Beverage by 12.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock worth $215,146,000 after acquiring an additional 422,515 shares during the last quarter. Bank of New York Mellon Corp grew its position in Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after acquiring an additional 434,250 shares during the last quarter. Finally, Norges Bank bought a new stake in Molson Coors Beverage during the 4th quarter worth approximately $142,407,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Up 0.6%

NYSE:TAP opened at $54.60 on Monday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $64.66. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.06 billion, a P/E ratio of 10.21, a P/E/G ratio of 1.52 and a beta of 0.73. The stock’s fifty day simple moving average is $59.12 and its 200-day simple moving average is $58.44.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. Equities research analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. The ex-dividend date was Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a yield of 3.44%. Molson Coors Beverage’s payout ratio is currently 37.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TAP shares. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price target for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a research report on Tuesday, April 29th. UBS Group decreased their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a research report on Friday. Berenberg Bank began coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price objective on the stock. Finally, StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday. Ten analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $63.49.

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.