Central Pacific Bank Trust Division Invests $498,000 in Molson Coors Beverage (NYSE:TAP)

Central Pacific Bank Trust Division acquired a new position in shares of Molson Coors Beverage (NYSE:TAPFree Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,400 shares of the company’s stock, valued at approximately $498,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Royal London Asset Management Ltd. boosted its stake in Molson Coors Beverage by 3.1% in the third quarter. Royal London Asset Management Ltd. now owns 68,170 shares of the company’s stock worth $4,336,000 after buying an additional 2,062 shares in the last quarter. iA Global Asset Management Inc. purchased a new stake in Molson Coors Beverage in the third quarter worth approximately $867,000. Toroso Investments LLC boosted its stake in Molson Coors Beverage by 34.1% in the third quarter. Toroso Investments LLC now owns 16,952 shares of the company’s stock worth $1,078,000 after buying an additional 4,309 shares in the last quarter. Morgan Stanley boosted its stake in Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after buying an additional 988,864 shares in the last quarter. Finally, SkyView Investment Advisors LLC boosted its stake in Molson Coors Beverage by 3.4% in the third quarter. SkyView Investment Advisors LLC now owns 12,343 shares of the company’s stock worth $785,000 after buying an additional 408 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the subject of several research reports. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their target price for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. UBS Group dropped their price objective on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Barclays dropped their price objective on Molson Coors Beverage from $62.00 to $55.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 29th. Piper Sandler assumed coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price for the company. Finally, Evercore ISI decreased their target price on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $65.07.

Check Out Our Latest Report on TAP

Molson Coors Beverage Stock Up 0.1 %

Shares of NYSE:TAP traded up $0.03 on Wednesday, hitting $49.97. 158,674 shares of the company traded hands, compared to its average volume of 1,937,547. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $70.90. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The stock has a 50 day simple moving average of $53.37 and a 200-day simple moving average of $60.06. The company has a market cap of $10.59 billion, a PE ratio of 9.99, a PEG ratio of 1.81 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAPGet Free Report) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same period last year, the firm posted $0.54 earnings per share. Molson Coors Beverage’s revenue was up 10.7% compared to the same quarter last year. As a group, research analysts expect that Molson Coors Beverage will post 5.69 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.76 annualized dividend and a dividend yield of 3.52%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

Molson Coors Beverage Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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