Ruffer LLP Takes Position in Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Ruffer LLP has made an $11.49 million investment in Molson Coors Beverage Company, acquiring approximately 188,711 shares during the first quarter.
• Molson Coors has faced recent downgrades from multiple brokerages, with price targets being significantly reduced, reflecting a cautious outlook on its stock.
• The company declared a quarterly dividend of $0.47, providing a 3.9% dividend yield based on its current stock price.

Ruffer LLP acquired a new stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 188,711 shares of the company's stock, valued at approximately $11,487,000. Ruffer LLP owned about 0.09% of Molson Coors Beverage as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Golden State Wealth Management LLC boosted its position in shares of Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after purchasing an additional 290 shares during the period. Millstone Evans Group LLC increased its stake in Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after buying an additional 255 shares during the period. Financial Management Professionals Inc. increased its stake in Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after buying an additional 493 shares during the period. Eastern Bank purchased a new position in Molson Coors Beverage during the 1st quarter valued at about $33,000. Finally, CoreCap Advisors LLC grew its position in shares of Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock worth $37,000 after buying an additional 643 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Bank of America cut shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $65.00 to $50.00 in a research note on Friday, June 27th. Barclays lowered their price target on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 15th. UBS Group reduced their price objective on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating for the company in a research report on Wednesday. Citigroup reduced their price objective on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. Finally, Roth Capital set a $71.00 price objective on shares of Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Twelve investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $58.29.

Molson Coors Beverage Stock Performance

TAP stock traded up $0.97 during trading on Wednesday, hitting $50.19. 3,744,827 shares of the company's stock traded hands, compared to its average volume of 2,525,004. Molson Coors Beverage Company has a 52 week low of $46.94 and a 52 week high of $64.66. The stock has a market capitalization of $10.15 billion, a price-to-earnings ratio of 9.90, a price-to-earnings-growth ratio of 2.98 and a beta of 0.67. The company has a quick ratio of 0.59, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The stock has a fifty day moving average price of $50.11 and a two-hundred day moving average price of $55.24.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.22. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.12 billion. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.92 earnings per share. As a group, equities analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Friday, September 5th. Molson Coors Beverage's dividend payout ratio is presently 37.83%.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director owned 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Company 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.