Ranmore Fund Management Ltd Invests $9.42 Million in Molson Coors Beverage (NYSE:TAP)

Ranmore Fund Management Ltd bought a new position in shares of Molson Coors Beverage (NYSE:TAP) during the fourth quarter, HoldingsChannel.com reports. The firm bought 164,341 shares of the company’s stock, valued at approximately $9,420,000. Molson Coors Beverage comprises 8.7% of Ranmore Fund Management Ltd’s portfolio, making the stock its 5th biggest position.

A number of other large investors also recently modified their holdings of the company. Cerity Partners LLC increased its position in Molson Coors Beverage by 6.1% during the fourth quarter. Cerity Partners LLC now owns 97,602 shares of the company’s stock valued at $5,599,000 after acquiring an additional 5,602 shares during the last quarter. Aster Capital Management DIFC Ltd grew its holdings in Molson Coors Beverage by 39.9% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 7,916 shares of the company’s stock valued at $454,000 after purchasing an additional 2,257 shares during the last quarter. Russell Investments Group Ltd. raised its position in Molson Coors Beverage by 1.8% in the 4th quarter. Russell Investments Group Ltd. now owns 331,704 shares of the company’s stock worth $19,013,000 after purchasing an additional 5,943 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Molson Coors Beverage in the fourth quarter worth about $267,000. Finally, Resona Asset Management Co. Ltd. purchased a new position in shares of Molson Coors Beverage during the fourth quarter valued at approximately $3,096,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $72.00 price target on shares of Molson Coors Beverage in a report on Wednesday, February 12th. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. UBS Group boosted their price target on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Barclays reduced their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Finally, JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $65.06.

Molson Coors Beverage Price Performance

Shares of TAP opened at $61.19 on Monday. The company has a 50 day moving average of $58.76 and a two-hundred day moving average of $57.94. The company has a market cap of $12.40 billion, a price-to-earnings ratio of 11.44, a price-to-earnings-growth ratio of 1.52 and a beta of 0.69. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. As a group, analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.07%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio is 35.14%.

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.