Molson Coors Beverage (NYSE:TAP) Shares Acquired by Glenmede Trust Co. NA

Glenmede Trust Co. NA grew its stake in Molson Coors Beverage (NYSE:TAP) by 12.8% during the third quarter, Holdings Channel.com reports. The fund owned 235,116 shares of the company’s stock after acquiring an additional 26,714 shares during the period. Glenmede Trust Co. NA’s holdings in Molson Coors Beverage were worth $13,524,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its stake in Molson Coors Beverage by 22.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after purchasing an additional 56,584 shares in the last quarter. Janus Henderson Group PLC grew its position in Molson Coors Beverage by 144.6% in the 1st quarter. Janus Henderson Group PLC now owns 73,909 shares of the company’s stock valued at $4,969,000 after acquiring an additional 43,696 shares in the last quarter. Comerica Bank grew its position in Molson Coors Beverage by 4.0% in the 1st quarter. Comerica Bank now owns 105,098 shares of the company’s stock valued at $7,068,000 after acquiring an additional 4,079 shares in the last quarter. Swedbank AB purchased a new stake in Molson Coors Beverage during the first quarter worth about $6,997,000. Finally, Cetera Investment Advisers lifted its position in shares of Molson Coors Beverage by 613.8% during the first quarter. Cetera Investment Advisers now owns 44,954 shares of the company’s stock worth $3,023,000 after purchasing an additional 38,656 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on TAP. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. BNP Paribas started coverage on Molson Coors Beverage in a report on Monday. They issued a “neutral” rating and a $64.00 target price for the company. UBS Group upped their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Piper Sandler lifted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $60.57.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $61.25 on Friday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The firm has a market capitalization of $12.62 billion, a P/E ratio of 13.80, a P/E/G ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The company’s fifty day moving average price is $57.16 and its 200 day moving average price is $54.50.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.92 earnings per share. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.87%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 39.64%.

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.