Sequoia Financial Advisors LLC Invests $338,000 in Molson Coors Beverage (NYSE:TAP)

Sequoia Financial Advisors LLC purchased a new position in Molson Coors Beverage (NYSE:TAP) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,529 shares of the company’s stock, valued at approximately $338,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. raised its holdings in Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after purchasing an additional 2,121,211 shares during the period. Norges Bank bought a new position in Molson Coors Beverage in the 4th quarter worth $83,092,000. AQR Capital Management LLC raised its holdings in Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares during the period. Vanguard Group Inc. raised its holdings in Molson Coors Beverage by 6.1% in the 1st quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock worth $1,138,589,000 after purchasing an additional 1,235,013 shares during the period. Finally, Morgan Stanley raised its holdings in Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after purchasing an additional 988,864 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares in the company, valued at $3,654,679.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

TAP has been the topic of a number of recent research reports. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a report on Wednesday. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Barclays raised their price target on Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Finally, Piper Sandler began coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.73.

Molson Coors Beverage Trading Up 0.5 %

TAP opened at $63.88 on Friday. The firm has a market cap of $13.78 billion, a P/E ratio of 14.65, a P/E/G ratio of 2.21 and a beta of 0.84. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. 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 stock has a 50-day moving average of $64.90 and a 200 day moving average of $62.22.

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

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were given a $0.44 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 2.76%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 40.37%.

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.