Molson Coors Beverage (NYSE:TAP) Position Increased by California Public Employees Retirement System

California Public Employees Retirement System increased its position in shares of Molson Coors Beverage (NYSE:TAP) by 26.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 455,577 shares of the company’s stock after acquiring an additional 94,125 shares during the period. California Public Employees Retirement System’s holdings in Molson Coors Beverage were worth $27,886,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. IMPACTfolio LLC raised its holdings in shares of Molson Coors Beverage by 4.6% during the fourth quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock worth $246,000 after acquiring an additional 176 shares in the last quarter. Syntax Advisors LLC raised its holdings in shares of Molson Coors Beverage by 5.0% during the third quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock worth $246,000 after acquiring an additional 185 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Molson Coors Beverage by 1.3% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,259 shares of the company’s stock valued at $970,000 after buying an additional 196 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in Molson Coors Beverage by 4.5% during the third quarter. Kingsview Wealth Management LLC now owns 4,981 shares of the company’s stock valued at $317,000 after buying an additional 213 shares in the last quarter. Finally, Seed Wealth Management Inc. raised its holdings in Molson Coors Beverage by 7.6% during the fourth quarter. Seed Wealth Management Inc. now owns 3,531 shares of the company’s stock valued at $219,000 after buying an additional 250 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $62.54 on Friday. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The firm has a 50 day moving average of $65.15 and a 200-day moving average of $62.34. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $13.30 billion, a P/E ratio of 14.34, a price-to-earnings-growth ratio of 2.17 and a beta of 0.84.

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, sell-side analysts anticipate that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.81%. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is 40.37%.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on TAP. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Deutsche Bank Aktiengesellschaft raised their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday, April 17th. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Citigroup downgraded Molson Coors Beverage from a “neutral” rating to a “sell” rating and lowered their price target for the company from $66.00 to $56.00 in a research report on Wednesday. Finally, Piper Sandler assumed coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target on the stock. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average price target of $68.07.

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.