EverSource Wealth Advisors LLC Raises Position in Molson Coors Beverage (NYSE:TAP)

EverSource Wealth Advisors LLC increased its stake in shares of Molson Coors Beverage (NYSE:TAP) by 101.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 973 shares of the company’s stock after purchasing an additional 489 shares during the period. EverSource Wealth Advisors LLC’s holdings in Molson Coors Beverage were worth $56,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Sequoia Financial Advisors LLC purchased a new position in shares of Molson Coors Beverage during the fourth quarter valued at approximately $227,000. HighTower Advisors LLC raised its holdings in shares of Molson Coors Beverage by 123.3% during the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock valued at $1,047,000 after purchasing an additional 10,080 shares during the last quarter. Wealthfront Advisers LLC raised its holdings in shares of Molson Coors Beverage by 184.4% during the fourth quarter. Wealthfront Advisers LLC now owns 56,186 shares of the company’s stock valued at $3,020,000 after purchasing an additional 36,431 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Molson Coors Beverage by 5.3% during the fourth quarter. Daiwa Securities Group Inc. now owns 25,149 shares of the company’s stock valued at $1,441,000 after purchasing an additional 1,277 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Molson Coors Beverage by 29.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 265,420 shares of the company’s stock valued at $15,214,000 after purchasing an additional 60,383 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $58.30 on Thursday. 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 firm has a fifty day moving average price of $57.37 and a 200 day moving average price of $57.49. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion. As a group, sell-side analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were given a dividend of $0.47 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.22%. Molson Coors Beverage’s dividend payout ratio is currently 35.14%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TAP shares. Bank of America raised 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 report on Friday, December 6th. Morgan Stanley upped their target price on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their target price for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Finally, BNP Paribas started coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and an average price target of $63.67.

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.