Royal Bank of Canada Raises Holdings in Molson Coors Beverage (NYSE:TAP)

Royal Bank of Canada lifted its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 103.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 261,204 shares of the company's stock after acquiring an additional 132,782 shares during the quarter. Royal Bank of Canada owned 0.13% of Molson Coors Beverage worth $14,972,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Rafferty Asset Management LLC boosted its position in Molson Coors Beverage by 11.8% during the fourth quarter. Rafferty Asset Management LLC now owns 15,162 shares of the company's stock worth $869,000 after purchasing an additional 1,601 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Molson Coors Beverage during the 4th quarter valued at approximately $534,000. Polar Asset Management Partners Inc. purchased a new position in shares of Molson Coors Beverage during the 4th quarter valued at approximately $1,576,000. ProShare Advisors LLC lifted its position in shares of Molson Coors Beverage by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock valued at $2,809,000 after buying an additional 206 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of Molson Coors Beverage by 11.9% during the 4th quarter. Quantinno Capital Management LP now owns 113,985 shares of the company's stock valued at $6,534,000 after buying an additional 12,144 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on TAP shares. Wall Street Zen downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Berenberg Bank started coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target on the stock. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the company a "buy" rating in a research report on Tuesday, May 20th. Morgan Stanley decreased their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a research report on Friday, May 9th. Finally, Barclays decreased their target price on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Monday, May 12th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $63.26.

Insider Buying and Selling

In other news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director now owns 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.71% of the stock is owned by insiders.

Molson Coors Beverage Trading Down 0.3%

Shares of TAP stock traded down $0.15 during trading on Friday, hitting $53.55. 3,500,587 shares of the stock traded hands, compared to its average volume of 2,141,011. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.66. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The firm has a market capitalization of $10.83 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. The firm's fifty day moving average price is $57.72 and its 200-day moving average price is $58.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. Molson Coors Beverage's revenue was down 11.3% on a year-over-year basis. During the same period last year, the firm posted $0.95 earnings per share. As a group, research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.47 per share. The ex-dividend date is Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.51%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

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.