Estuary Capital Management LP Purchases Shares of 681,300 Molson Coors Beverage (NYSE:TAP)

Estuary Capital Management LP acquired a new stake in Molson Coors Beverage (NYSE:TAP) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 681,300 shares of the company’s stock, valued at approximately $39,052,000. Molson Coors Beverage comprises approximately 11.4% of Estuary Capital Management LP’s investment portfolio, making the stock its 6th largest position.

Several other institutional investors and hedge funds have also recently modified their holdings of TAP. Truvestments Capital LLC boosted its stake in Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after purchasing an additional 202 shares during the period. CoreCap Advisors LLC lifted its holdings in shares of Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after buying an additional 643 shares in the last quarter. Quarry LP boosted its position in shares of Molson Coors Beverage by 55.1% in the fourth quarter. Quarry LP now owns 715 shares of the company’s stock valued at $41,000 after acquiring an additional 254 shares during the period. Catalyst Capital Advisors LLC grew its stake in shares of Molson Coors Beverage by 143.6% in the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after acquiring an additional 428 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its position in Molson Coors Beverage by 38.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after acquiring an additional 203 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $54.29 on Friday. The firm’s fifty day simple moving average is $59.22 and its two-hundred day simple moving average is $58.41. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $64.66. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.00 billion, a P/E ratio of 10.15, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. Molson Coors Beverage’s quarterly revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 earnings per share. As a group, analysts predict that Molson Coors Beverage will post 6.35 EPS for the current 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 was Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.46%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio is currently 35.14%.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of analyst reports. Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price objective on the stock. JPMorgan Chase & Co. decreased their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Needham & Company LLC restated a “buy” rating and set a $72.00 price objective on shares of Molson Coors Beverage in a research report on Tuesday, April 29th. Barclays decreased their target price on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Finally, StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Eleven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $64.14.

Molson Coors Beverage 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.