Highland Capital Management LLC Raises Position in Molson Coors Beverage (NYSE:TAP)

Highland Capital Management LLC raised its holdings in Molson Coors Beverage (NYSE:TAP) by 0.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 96,860 shares of the company’s stock after buying an additional 710 shares during the period. Highland Capital Management LLC’s holdings in Molson Coors Beverage were worth $5,929,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Quarry LP purchased a new stake in shares of Molson Coors Beverage during the 2nd quarter worth $25,000. Salem Investment Counselors Inc. purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth $32,000. Stone House Investment Management LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter worth $32,000. Steward Partners Investment Advisory LLC lifted its position in shares of Molson Coors Beverage by 85.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 650 shares of the company’s stock worth $33,000 after purchasing an additional 300 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its position in shares of Molson Coors Beverage by 96.4% during the 1st quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock worth $40,000 after purchasing an additional 373 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.41% of the stock is currently owned by company insiders.

Molson Coors Beverage Stock Up 0.7 %

TAP stock opened at $67.34 on Thursday. Molson Coors Beverage has a 52 week low of $51.08 and a 52 week high of $70.90. The company has a market cap of $14.53 billion, a P/E ratio of 15.44, a P/E/G ratio of 2.36 and a beta of 0.83. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The company’s 50-day moving average price is $63.48 and its 200 day moving average price is $61.89.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The business had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.30 earnings per share. On average, research analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is currently 40.37%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. HSBC assumed coverage on shares of Molson Coors Beverage in a research note on Thursday, November 30th. They set a “hold” rating and a $68.00 price target on the stock. Barclays lifted their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 15th. TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. Finally, Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective on the stock. One analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $67.67.

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.