Ontario Teachers Pension Plan Board Buys 39,695 Shares of Molson Coors Beverage (NYSE:TAP)

Ontario Teachers Pension Plan Board increased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 190.9% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 60,485 shares of the company’s stock after purchasing an additional 39,695 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Molson Coors Beverage were worth $3,702,000 as of its most recent filing with the SEC.

A number of other large investors have also bought and sold shares of TAP. Tennessee Valley Asset Management Partners bought a new stake in Molson Coors Beverage during the 4th quarter worth approximately $29,000. Montag A & Associates Inc. bought a new stake in Molson Coors Beverage during the 4th quarter worth approximately $31,000. Stone House Investment Management LLC bought a new stake in Molson Coors Beverage during the 3rd quarter worth approximately $32,000. Allworth Financial LP grew its stake in shares of Molson Coors Beverage by 179.4% during the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after acquiring an additional 400 shares in the last quarter. Finally, Partnership Wealth Management LLC bought a new position in shares of Molson Coors Beverage during the 4th quarter worth approximately $43,000. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded down $0.68 during mid-day trading on Wednesday, hitting $54.48. 1,274,970 shares of the company’s stock traded hands, compared to its average volume of 1,781,250. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The stock has a market cap of $11.54 billion, a price-to-earnings ratio of 11.03, a P/E/G ratio of 1.99 and a beta of 0.86. The firm has a 50 day simple moving average of $63.34 and a two-hundred day simple moving average of $62.32. Molson Coors Beverage has a fifty-two week low of $54.46 and a fifty-two week high of $70.90.

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

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be given a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.23%. The ex-dividend date is Friday, June 7th. Molson Coors Beverage’s payout ratio is 35.20%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TAP. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. JPMorgan Chase & Co. decreased their price target on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Piper Sandler began coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target for the company. Evercore ISI decreased their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Finally, UBS Group decreased their price target on shares of 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. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $65.53.

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.