Wealthfront Advisers LLC Buys 36,431 Shares of Molson Coors Beverage (NYSE:TAP)

Wealthfront Advisers LLC boosted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 184.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,186 shares of the company’s stock after purchasing an additional 36,431 shares during the quarter. Wealthfront Advisers LLC’s holdings in Molson Coors Beverage were worth $3,020,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ashton Thomas Securities LLC purchased a new stake in shares of Molson Coors Beverage during the third quarter valued at about $35,000. Gladius Capital Management LP purchased a new stake in Molson Coors Beverage during the third quarter valued at approximately $42,000. Catalyst Capital Advisors LLC boosted its stake in Molson Coors Beverage by 143.6% in the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after acquiring an additional 428 shares in the last quarter. SRS Capital Advisors Inc. boosted its stake in Molson Coors Beverage by 38.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock valued at $42,000 after acquiring an additional 203 shares in the last quarter. Finally, Private Trust Co. NA grew its holdings in Molson Coors Beverage by 53.1% in the fourth quarter. Private Trust Co. NA now owns 796 shares of the company’s stock worth $46,000 after purchasing an additional 276 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $58.85 on Friday. The firm has a market capitalization of $11.92 billion, a P/E ratio of 11.00, a PEG ratio of 1.52 and a beta of 0.81. The stock has a 50-day simple moving average of $57.05 and a two-hundred day simple moving average of $57.30. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. On average, equities analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Thursday, February 27th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.19%. Molson Coors Beverage’s dividend payout ratio is 35.14%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TAP. JPMorgan Chase & Co. lowered their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Barclays upgraded shares of Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $56.00 to $62.00 in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $72.00 target price on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. Finally, Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and a consensus target price 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.