Pallas Capital Advisors LLC Acquires Shares of 11,153 Molson Coors Beverage (NYSE:TAP)

Pallas Capital Advisors LLC acquired a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,153 shares of the company’s stock, valued at approximately $592,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Corient Private Wealth LLC boosted its holdings in shares of Molson Coors Beverage by 254.5% in the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock worth $2,586,000 after acquiring an additional 30,323 shares during the period. Vinva Investment Management Ltd raised its position in shares of Molson Coors Beverage by 91.5% in the fourth quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock worth $5,909,000 after buying an additional 46,101 shares in the last quarter. Nordea Investment Management AB raised its position in shares of Molson Coors Beverage by 153.7% in the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock worth $1,730,000 after buying an additional 15,648 shares in the last quarter. iA Global Asset Management Inc. raised its position in shares of Molson Coors Beverage by 117.5% in the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after buying an additional 17,062 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Molson Coors Beverage by 220.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after buying an additional 336,496 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Trading Up 0.8 %

Shares of NYSE TAP traded up $0.41 during trading hours on Wednesday, hitting $54.14. The company’s stock had a trading volume of 500,851 shares, compared to its average volume of 1,935,666. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The stock has a market cap of $11.47 billion, a price-to-earnings ratio of 10.75, a P/E/G ratio of 2.26 and a beta of 0.81. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The business has a 50-day simple moving average of $51.88 and a 200-day simple moving average of $58.04.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.24. The company had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. Molson Coors Beverage’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the firm earned $1.78 earnings per share. On average, analysts anticipate that Molson Coors Beverage will post 5.56 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be paid a $0.44 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.76 annualized dividend and a dividend yield of 3.25%. Molson Coors Beverage’s payout ratio is presently 35.20%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TAP. Jefferies Financial Group lowered their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research report on Thursday, July 18th. JPMorgan Chase & Co. raised their price target on Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research report on Wednesday, August 7th. Barclays raised their price target on Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research report on Thursday, August 8th. Finally, TD Cowen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating and lowered their price target for the company from $68.00 to $58.00 in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $60.53.

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.