Connor Clark & Lunn Investment Management Ltd. Raises Position in Molson Coors Beverage (NYSE:TAP)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 216.2% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 51,643 shares of the company’s stock after acquiring an additional 35,313 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Molson Coors Beverage were worth $2,971,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. iA Global Asset Management Inc. boosted its holdings in Molson Coors Beverage by 117.5% during the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after acquiring an additional 17,062 shares during the period. 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. Manning & Napier Advisors LLC bought a new position in shares of Molson Coors Beverage in the second quarter worth approximately $3,842,000. Wedge Capital Management L L P NC increased its stake in shares of Molson Coors Beverage by 4.1% in the second quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock worth $35,023,000 after buying an additional 27,203 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in Molson Coors Beverage by 22.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock valued at $20,673,000 after buying an additional 56,584 shares during the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Trading Down 0.2 %

Shares of NYSE TAP opened at $60.36 on Monday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a 50-day moving average of $56.84 and a 200 day moving average of $54.43. The stock has a market cap of $12.43 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s revenue was down 7.8% on a year-over-year basis. During the same period last year, the business earned $1.92 earnings per share. As a group, sell-side analysts expect that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.92%. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Analysts Set New Price Targets

TAP has been the topic of a number of recent analyst reports. TD Cowen cut their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $52.00 to $74.00 in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Deutsche Bank Aktiengesellschaft boosted their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler raised their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $60.31.

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.