Raymond James Financial Inc. Purchases Shares of 482,562 Molson Coors Beverage (NYSE:TAP)

Raymond James Financial Inc. acquired a new position in shares of Molson Coors Beverage (NYSE:TAP) during the 4th quarter, Holdings Channel reports. The fund acquired 482,562 shares of the company’s stock, valued at approximately $27,660,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TAP. Janney Montgomery Scott LLC raised its stake in Molson Coors Beverage by 22.3% during the third quarter. Janney Montgomery Scott LLC now owns 22,789 shares of the company’s stock valued at $1,311,000 after purchasing an additional 4,160 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Molson Coors Beverage by 4.7% in the 3rd quarter. Principal Financial Group Inc. now owns 211,812 shares of the company’s stock valued at $12,183,000 after acquiring an additional 9,510 shares during the last quarter. Ashton Thomas Securities LLC bought a new stake in Molson Coors Beverage during the third quarter worth approximately $35,000. Victory Capital Management Inc. raised its position in Molson Coors Beverage by 92.8% during the third quarter. Victory Capital Management Inc. now owns 434,047 shares of the company’s stock valued at $24,966,000 after purchasing an additional 208,974 shares during the period. Finally, Huntington National Bank lifted its stake in shares of Molson Coors Beverage by 27.3% in the 3rd quarter. Huntington National Bank now owns 1,508 shares of the company’s stock valued at $87,000 after purchasing an additional 323 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Trading Up 1.6 %

NYSE TAP opened at $59.68 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The company has a market capitalization of $12.09 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. The company’s 50-day simple moving average is $57.08 and its two-hundred day simple moving average is $57.31.

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

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were paid a dividend of $0.47 per share. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio is 35.14%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TAP shares. UBS Group boosted their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Bank of America upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Needham & Company LLC restated a “buy” rating and issued a $72.00 target price on shares of Molson Coors Beverage in a report on Wednesday, February 12th. Barclays upgraded shares of Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $56.00 to $62.00 in a report on Thursday. Finally, Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $63.67.

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.