BI Asset Management Fondsmaeglerselskab A S Boosts Stock Position in Molson Coors Beverage (NYSE:TAP)

BI Asset Management Fondsmaeglerselskab A S grew its stake in Molson Coors Beverage (NYSE:TAP) by 107.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 34,468 shares of the company’s stock after acquiring an additional 17,821 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Molson Coors Beverage were worth $1,976,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Molson Coors Beverage during the 4th quarter valued at about $142,407,000. Raymond James Financial Inc. bought a new stake in shares of Molson Coors Beverage during the fourth quarter valued at approximately $27,660,000. Bank of New York Mellon Corp raised its holdings in Molson Coors Beverage by 14.0% in 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. Dimensional Fund Advisors LP lifted its position in Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock valued at $215,146,000 after acquiring an additional 422,515 shares in the last quarter. Finally, ExodusPoint Capital Management LP purchased a new stake in Molson Coors Beverage during the 4th quarter valued at $21,496,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $57.89 on Tuesday. The business’s 50-day simple moving average is $60.10 and its two-hundred day simple moving average is $58.26. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $65.24. The stock has a market cap of $11.73 billion, a PE ratio of 10.82, a P/E/G ratio of 1.52 and a beta of 0.69. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

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

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were given 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 dividend yield of 3.25%. Molson Coors Beverage’s dividend payout ratio is currently 35.14%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TAP. JPMorgan Chase & Co. lowered their price target 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. Barclays decreased their price objective on shares of Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Needham & Company LLC reiterated a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a research note on Monday, April 14th. Berenberg Bank began coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price target on the stock. Finally, Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their target price for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $64.39.

Molson Coors Beverage Company 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.