Peapack Gladstone Financial Corp Decreases Stake in Molson Coors Beverage (NYSE:TAP)

Peapack Gladstone Financial Corp cut its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 38.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,795 shares of the company’s stock after selling 6,748 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Molson Coors Beverage were worth $621,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Synovus Financial Corp purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at approximately $684,000. Tidal Investments LLC raised its holdings in Molson Coors Beverage by 19.4% during the 3rd quarter. Tidal Investments LLC now owns 30,362 shares of the company’s stock valued at $1,746,000 after acquiring an additional 4,929 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in shares of Molson Coors Beverage during the third quarter worth $262,000. World Investment Advisors LLC bought a new position in shares of Molson Coors Beverage in the third quarter worth $3,153,000. Finally, Sanctuary Advisors LLC grew its position in shares of Molson Coors Beverage by 9.7% in the third quarter. Sanctuary Advisors LLC now owns 50,704 shares of the company’s stock valued at $3,061,000 after purchasing an additional 4,486 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TAP shares. TD Cowen dropped their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Barclays upped their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price target for the company from $52.00 to $74.00 in a report on Friday, November 8th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Price Performance

TAP opened at $61.07 on Monday. The stock has a market capitalization of $12.58 billion, a P/E ratio of 13.75, a PEG ratio of 2.38 and a beta of 0.85. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The stock has a 50-day moving average price of $58.53 and a 200-day moving average price of $55.01.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period last year, the business earned $1.92 earnings per share. Equities analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s payout ratio is presently 39.64%.

Molson Coors Beverage 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.