QRG Capital Management Inc. Increases Stock Holdings in Molson Coors Beverage (NYSE:TAP)

QRG Capital Management Inc. lifted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 6.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 58,876 shares of the company’s stock after acquiring an additional 3,430 shares during the quarter. QRG Capital Management Inc.’s holdings in Molson Coors Beverage were worth $3,375,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Proficio Capital Partners LLC acquired a new stake in Molson Coors Beverage during the 4th quarter worth $1,991,000. Illinois Municipal Retirement Fund grew its holdings in shares of Molson Coors Beverage by 5.9% during the fourth quarter. Illinois Municipal Retirement Fund now owns 221,050 shares of the company’s stock worth $12,671,000 after purchasing an additional 12,243 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after purchasing an additional 434,250 shares in the last quarter. RWC Asset Management LLP lifted its holdings in shares of Molson Coors Beverage by 17.8% in the 4th quarter. RWC Asset Management LLP now owns 747,184 shares of the company’s stock valued at $42,829,000 after purchasing an additional 113,091 shares during the last quarter. Finally, Howard Capital Management Inc. acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at about $297,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. BNP Paribas began coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price on the stock. Citigroup upgraded shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price target for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, UBS Group increased their target price on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of “Hold” and an average price target of $63.27.

Molson Coors Beverage Price Performance

Shares of TAP opened at $61.25 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average is $56.64 and its two-hundred day moving average is $56.91. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The firm has a market capitalization of $12.45 billion, a PE ratio of 11.45, a P/E/G ratio of 1.52 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. Research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.07%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date is Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.14%.

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.