Wallace Capital Management Inc. Has $12.71 Million Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Wallace Capital Management Inc. grew its stake in Molson Coors Beverage (NYSE:TAP) by 306.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 221,718 shares of the company’s stock after acquiring an additional 167,178 shares during the period. Molson Coors Beverage accounts for approximately 1.7% of Wallace Capital Management Inc.’s holdings, making the stock its 13th largest position. Wallace Capital Management Inc. owned approximately 0.11% of Molson Coors Beverage worth $12,709,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TAP. Berenberg Bank began 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. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their price objective for the company from $47.00 to $57.00 in a research note on Wednesday, February 5th. JPMorgan Chase & Co. cut their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, Needham & Company LLC decreased their target price on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $62.71.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $56.62 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The firm has a market cap of $11.47 billion, a price-to-earnings ratio of 10.58, a P/E/G ratio of 1.52 and a beta of 0.73. The stock’s fifty day moving average price is $58.55 and its two-hundred day moving average price is $58.46. Molson Coors Beverage has a one year low of $49.19 and a one year high of $64.66.

Molson Coors Beverage (NYSE:TAP) last announced its 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). Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm posted $0.95 EPS. The company’s revenue was down 11.3% compared to the same quarter last year. On average, equities analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is currently 37.83%.

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.