Zacks Investment Management Acquires 1,572 Shares of Molson Coors Beverage (NYSE:TAP)

Zacks Investment Management grew its stake in Molson Coors Beverage (NYSE:TAP) by 2.7% in the 4th quarter, Holdings Channel reports. The firm owned 60,452 shares of the company’s stock after purchasing an additional 1,572 shares during the period. Zacks Investment Management’s holdings in Molson Coors Beverage were worth $3,465,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TAP. Pallas Capital Advisors LLC boosted its stake in Molson Coors Beverage by 1.2% during the fourth quarter. Pallas Capital Advisors LLC now owns 17,017 shares of the company’s stock worth $975,000 after acquiring an additional 199 shares in the last quarter. Venturi Wealth Management LLC raised its holdings in shares of Molson Coors Beverage by 7.4% during the fourth quarter. Venturi Wealth Management LLC now owns 2,935 shares of the company’s stock valued at $168,000 after purchasing an additional 202 shares during the last quarter. Truvestments Capital LLC lifted its holdings in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after buying an additional 202 shares during the period. SRS Capital Advisors Inc. boosted its position in Molson Coors Beverage by 38.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its holdings in shares of Molson Coors Beverage by 21.2% in the fourth quarter. Lindbrook Capital LLC now owns 1,247 shares of the company’s stock worth $71,000 after buying an additional 218 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TAP has been the subject of several recent research reports. Berenberg Bank started coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price target for the company. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Barclays reduced 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. Finally, Needham & Company LLC restated a “buy” rating and issued a $72.00 target price on shares of Molson Coors Beverage in a report on Monday. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.39.

Molson Coors Beverage Trading Up 0.0 %

Shares of NYSE:TAP opened at $58.72 on Friday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $65.24. The business’s fifty day simple moving average is $59.92 and its 200-day simple moving average is $58.21. The company has a market capitalization of $11.90 billion, a PE ratio of 10.98, a P/E/G ratio of 1.52 and a beta of 0.69. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. As a group, equities research analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were paid a dividend of $0.47 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.20%. Molson Coors Beverage’s dividend payout ratio is presently 35.14%.

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.