Verdence Capital Advisors LLC Takes Position in Molson Coors Beverage (NYSE:TAP)

Verdence Capital Advisors LLC acquired a new position in shares of Molson Coors Beverage (NYSE:TAP) in the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 5,325 shares of the company’s stock, valued at approximately $326,000.

A number of other hedge funds have also recently made changes to their positions in TAP. Pacer Advisors Inc. boosted its position in shares of Molson Coors Beverage by 9,466.3% during the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after purchasing an additional 2,121,211 shares during the period. AQR Capital Management LLC boosted its position in shares of Molson Coors Beverage by 76.0% during the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares during the period. Morgan Stanley boosted its position in shares of Molson Coors Beverage by 40.2% during the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after purchasing an additional 988,864 shares during the period. Deutsche Bank AG boosted its position in shares of Molson Coors Beverage by 57.4% during the 3rd quarter. Deutsche Bank AG now owns 1,233,622 shares of the company’s stock worth $78,446,000 after purchasing an additional 449,971 shares during the period. Finally, River Road Asset Management LLC boosted its position in shares of Molson Coors Beverage by 94.8% during the 4th quarter. River Road Asset Management LLC now owns 843,373 shares of the company’s stock worth $51,623,000 after purchasing an additional 410,467 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Price Performance

Shares of TAP opened at $64.13 on Wednesday. The firm’s fifty day simple moving average is $65.02 and its 200-day simple moving average is $62.27. Molson Coors Beverage has a twelve month low of $55.67 and a twelve month high of $70.90. 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 firm has a market capitalization of $13.63 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 2.22 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $2.79 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period last year, the business earned $1.30 EPS. Molson Coors Beverage’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts forecast that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.44 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 2.74%. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 40.37%.

Analyst Ratings Changes

A number of equities analysts recently weighed in on TAP shares. Citigroup increased their price objective on shares of Molson Coors Beverage from $63.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price on the stock. Barclays increased their target price on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, April 12th. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $68.73.

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.