Molson Coors Beverage (NYSE:TAP) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its stake in shares of Molson Coors Beverage (NYSE:TAP) by 220.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 489,371 shares of the company’s stock after acquiring an additional 336,496 shares during the period. Allspring Global Investments Holdings LLC owned about 0.23% of Molson Coors Beverage worth $32,910,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of TAP. Aviance Capital Partners LLC grew its stake in shares of Molson Coors Beverage by 5.6% during the 1st quarter. Aviance Capital Partners LLC now owns 24,665 shares of the company’s stock worth $1,659,000 after purchasing an additional 1,303 shares during the period. Alpha Omega Wealth Management LLC grew its position in Molson Coors Beverage by 0.5% during the first quarter. Alpha Omega Wealth Management LLC now owns 64,264 shares of the company’s stock valued at $4,322,000 after buying an additional 303 shares during the period. Addenda Capital Inc. increased its holdings in Molson Coors Beverage by 4.0% in the first quarter. Addenda Capital Inc. now owns 11,405 shares of the company’s stock valued at $767,000 after buying an additional 437 shares in the last quarter. Transform Wealth LLC raised its position in shares of Molson Coors Beverage by 3.1% in the first quarter. Transform Wealth LLC now owns 88,326 shares of the company’s stock worth $5,940,000 after acquiring an additional 2,630 shares during the period. Finally, Sound Income Strategies LLC raised its position in shares of Molson Coors Beverage by 11.7% in the first quarter. Sound Income Strategies LLC now owns 70,768 shares of the company’s stock worth $4,759,000 after acquiring an additional 7,417 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Up 0.1 %

Shares of Molson Coors Beverage stock opened at $50.63 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The stock’s 50 day simple moving average is $54.03 and its 200-day simple moving average is $60.32. The stock has a market cap of $10.73 billion, a P/E ratio of 10.13, a P/E/G ratio of 1.82 and a beta of 0.81. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $70.90.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 earnings per share. Analysts predict that Molson Coors Beverage will post 5.69 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.48%. The ex-dividend date was Friday, June 7th. Molson Coors Beverage’s payout ratio is presently 35.20%.

Wall Street Analysts Forecast Growth

TAP has been the subject of several recent analyst reports. Bank of America cut their price target on Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Piper Sandler began coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Finally, StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $65.07.

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.