Molson Coors Beverage (NYSE:TAP) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Molson Coors Beverage (NYSE:TAP) by 4.4% in the 4th quarter, Holdings Channel reports. The fund owned 308,218 shares of the company’s stock after purchasing an additional 12,945 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Molson Coors Beverage were worth $18,866,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TAP. Pacer Advisors Inc. grew its position in Molson Coors Beverage by 9,466.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Norges Bank acquired a new stake in Molson Coors Beverage in the fourth quarter valued at approximately $83,092,000. AQR Capital Management LLC grew its position in Molson Coors Beverage by 76.0% in the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after acquiring an additional 1,500,269 shares in the last quarter. Vanguard Group Inc. grew its position in Molson Coors Beverage by 6.1% in the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock valued at $1,138,589,000 after acquiring an additional 1,235,013 shares in the last quarter. Finally, Morgan Stanley grew its position in Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after acquiring an additional 988,864 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insider Activity at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.71% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP stock opened at $63.88 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The stock has a market capitalization of $13.78 billion, a price-to-earnings ratio of 14.65, a PEG ratio of 2.21 and a beta of 0.84. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The stock’s fifty day moving average is $64.90 and its two-hundred day moving average is $62.22.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.30 earnings per share. On average, research analysts predict that Molson Coors Beverage will post 5.66 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.76%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 40.37%.

Wall Street Analysts Forecast Growth

TAP has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Barclays raised their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday, April 12th. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Piper Sandler initiated coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $68.73.

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.