World Investment Advisors LLC Acquires New Stake in Molson Coors Beverage (NYSE:TAP)

World Investment Advisors LLC bought a new position in Molson Coors Beverage (NYSE:TAP) in the third quarter, Holdings Channel reports. The firm bought 54,813 shares of the company’s stock, valued at approximately $3,153,000.

Several other hedge funds have also recently made changes to their positions in the company. Sanctuary Advisors LLC increased its holdings in Molson Coors Beverage by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 50,704 shares of the company’s stock worth $3,061,000 after acquiring an additional 4,486 shares during the last quarter. SkyView Investment Advisors LLC boosted its position in Molson Coors Beverage by 4.0% during the third quarter. SkyView Investment Advisors LLC now owns 15,700 shares of the company’s stock worth $903,000 after purchasing an additional 598 shares during the period. Virtu Financial LLC increased its stake in shares of Molson Coors Beverage by 148.2% in the third quarter. Virtu Financial LLC now owns 11,801 shares of the company’s stock worth $679,000 after purchasing an additional 7,046 shares in the last quarter. Arete Wealth Advisors LLC raised its position in shares of Molson Coors Beverage by 8.4% in the third quarter. Arete Wealth Advisors LLC now owns 11,705 shares of the company’s stock valued at $674,000 after purchasing an additional 912 shares during the period. Finally, Toronto Dominion Bank lifted its stake in shares of Molson Coors Beverage by 38.4% during the 3rd quarter. Toronto Dominion Bank now owns 94,500 shares of the company’s stock valued at $5,436,000 after buying an additional 26,198 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on TAP. JPMorgan Chase & Co. lifted their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Needham & Company LLC began coverage on Molson Coors Beverage in a research report on Friday, December 6th. They issued a “buy” rating and a $72.00 price target for the company. Barclays increased their price objective on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. Finally, Hsbc Global Res downgraded shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $62.00.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $61.07 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. 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 firm has a market capitalization of $12.58 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 2.38 and a beta of 0.85. The company’s fifty day moving average price is $58.53 and its 200-day moving average price is $54.99.

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

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a $0.44 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.88%. Molson Coors Beverage’s payout ratio is 39.64%.

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.