Molson Coors Beverage Company (NYSE:TAP) is Ranmore Fund Management Ltd’s 6th Largest Position

Ranmore Fund Management Ltd increased its position in Molson Coors Beverage Company (NYSE:TAP) by 28.0% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 210,341 shares of the company’s stock after purchasing an additional 46,000 shares during the period. Molson Coors Beverage accounts for about 7.7% of Ranmore Fund Management Ltd’s holdings, making the stock its 6th biggest holding. Ranmore Fund Management Ltd owned 0.10% of Molson Coors Beverage worth $12,803,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in TAP. LSV Asset Management raised its stake in Molson Coors Beverage by 1.4% during the 1st quarter. LSV Asset Management now owns 6,369,498 shares of the company’s stock valued at $387,711,000 after acquiring an additional 86,601 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Molson Coors Beverage by 16.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock valued at $251,442,000 after acquiring an additional 595,203 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Molson Coors Beverage by 12.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock valued at $215,146,000 after acquiring an additional 422,515 shares during the last quarter. Deutsche Bank AG increased its position in Molson Coors Beverage by 24.2% during the 1st quarter. Deutsche Bank AG now owns 2,797,189 shares of the company’s stock worth $170,265,000 after purchasing an additional 544,353 shares during the period. Finally, Northern Trust Corp increased its position in Molson Coors Beverage by 12.7% during the 4th quarter. Northern Trust Corp now owns 1,970,718 shares of the company’s stock worth $112,962,000 after purchasing an additional 221,539 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Down 0.7%

Shares of Molson Coors Beverage stock opened at $50.35 on Tuesday. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66. The firm has a market cap of $10.18 billion, a PE ratio of 9.93, a P/E/G ratio of 1.85 and a beta of 0.67. The business’s fifty day moving average is $49.86 and its two-hundred day moving average is $55.11. The company has a quick ratio of 0.67, a current ratio of 0.95 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.22. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.92 EPS. Analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, September 5th. Molson Coors Beverage’s dividend payout ratio (DPR) is 37.08%.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director directly owned 27,595 shares of the company’s stock, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.71% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the stock a “buy” rating in a research report on Tuesday, May 20th. Bank of America cut Molson Coors Beverage from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $65.00 to $50.00 in a research report on Friday, June 27th. UBS Group dropped their target price on Molson Coors Beverage from $53.00 to $52.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 6th. The Goldman Sachs Group dropped their target price on Molson Coors Beverage from $77.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. Finally, Piper Sandler dropped their target price on Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating on the stock in a research report on Monday, June 23rd. 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 has an average rating of “Hold” and an average price target of $58.12.

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.