Investment Management Corp of Ontario Acquires 3,755 Shares of Molson Coors Beverage (NYSE:TAP)

Investment Management Corp of Ontario boosted its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 13.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 31,492 shares of the company’s stock after purchasing an additional 3,755 shares during the period. Investment Management Corp of Ontario’s holdings in Molson Coors Beverage were worth $1,805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TAP. Truvestments Capital LLC raised its stake in shares of 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 raised its stake in shares of Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock valued at $37,000 after purchasing an additional 643 shares during the period. Quarry LP raised its stake in shares of Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company’s stock valued at $41,000 after purchasing an additional 254 shares during the period. Catalyst Capital Advisors LLC raised its stake in shares of Molson Coors Beverage by 143.6% in the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after purchasing an additional 428 shares during the period. Finally, SRS Capital Advisors Inc. raised its stake in shares of Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock valued at $42,000 after purchasing an additional 203 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TAP shares. Barclays dropped their price target on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price target on the stock. UBS Group lowered their target price on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 target price on shares of Molson Coors Beverage in a research report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Ten research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and an average price target of $63.49.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $54.60 on Monday. The business’s 50 day moving average price is $59.12 and its two-hundred day moving average price is $58.44. The company has a market cap of $11.06 billion, a PE ratio of 10.21, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. 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 $64.66.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm earned $0.95 EPS. Molson Coors Beverage’s quarterly revenue was down 11.3% compared to the same quarter last year. On average, analysts predict that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company 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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date of this dividend was Thursday, February 27th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s payout ratio is currently 37.83%.

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.