Summit Trail Advisors LLC Buys 658 Shares of Molson Coors Beverage (NYSE:TAP)

Summit Trail Advisors LLC grew its stake in shares of Molson Coors Beverage (NYSE:TAP) by 19.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,063 shares of the company’s stock after buying an additional 658 shares during the period. Summit Trail Advisors LLC’s holdings in Molson Coors Beverage were worth $207,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Corient Private Wealth LLC increased its position in shares of Molson Coors Beverage by 254.5% in the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock worth $2,586,000 after purchasing an additional 30,323 shares during the last quarter. Vinva Investment Management Ltd boosted its stake in shares of Molson Coors Beverage by 91.5% during the fourth quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock valued at $5,909,000 after purchasing an additional 46,101 shares during the period. Nordea Investment Management AB boosted its stake in shares of Molson Coors Beverage by 153.7% during the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after purchasing an additional 15,648 shares during the period. iA Global Asset Management Inc. boosted its stake in shares of Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after purchasing an additional 17,062 shares during the period. Finally, Wakefield Asset Management LLLP boosted its stake in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after purchasing an additional 29,552 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays increased their price objective on Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. Wells Fargo & Company raised their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Bank of America dropped their price target on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Citigroup decreased their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Finally, Piper Sandler increased their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $60.53.

Molson Coors Beverage Trading Down 0.8 %

Shares of NYSE:TAP opened at $54.61 on Wednesday. The stock has a 50 day moving average of $53.89 and a 200 day moving average of $56.73. The company has a market cap of $11.57 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the prior year, the company posted $1.78 EPS. The firm’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities research analysts expect that Molson Coors Beverage will post 5.75 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a dividend of $0.44 per share. The ex-dividend date was Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.22%. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

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.