Summit Investment Advisors Inc. Buys 7,036 Shares of Molson Coors Beverage (NYSE:TAP)

Summit Investment Advisors Inc. lifted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 17.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,316 shares of the company’s stock after purchasing an additional 7,036 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Molson Coors Beverage were worth $2,769,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Norges Bank bought a new position in Molson Coors Beverage in the fourth quarter valued at about $142,407,000. Raymond James Financial Inc. acquired a new position in shares of Molson Coors Beverage in the fourth quarter valued at approximately $27,660,000. Bank of New York Mellon Corp increased its stake in shares of Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after buying an additional 434,250 shares during the period. ExodusPoint Capital Management LP bought a new position in Molson Coors Beverage in the 4th quarter valued at approximately $21,496,000. Finally, LBP AM SA boosted its position in Molson Coors Beverage by 1,553.3% during the 4th quarter. LBP AM SA now owns 206,664 shares of the company’s stock worth $11,846,000 after buying an additional 194,164 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Up 1.1 %

NYSE:TAP opened at $60.63 on Monday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $66.87. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $12.28 billion, a price-to-earnings ratio of 11.33, a PEG ratio of 1.52 and a beta of 0.69. The firm has a fifty day simple moving average of $59.47 and a two-hundred day simple moving average of $58.16.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) 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 company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Analysts expect that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This is an increase 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 annualized dividend and a dividend yield of 3.10%. Molson Coors Beverage’s payout ratio is currently 35.14%.

Analysts Set New Price Targets

TAP has been the subject of several analyst reports. Morgan Stanley raised their price target on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Berenberg Bank assumed coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 target price for the company. UBS Group upped their price target 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. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. Finally, Citigroup upgraded 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. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $64.39.

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.