PNC Financial Services Group Inc. Acquires 7,086 Shares of Molson Coors Beverage (NYSE:TAP)

PNC Financial Services Group Inc. increased its holdings in Molson Coors Beverage (NYSE:TAP) by 31.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 29,493 shares of the company’s stock after purchasing an additional 7,086 shares during the period. PNC Financial Services Group Inc.’s holdings in Molson Coors Beverage were worth $1,696,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. iA Global Asset Management Inc. increased its position in Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after acquiring an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP lifted its stake in Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after acquiring an additional 29,552 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Molson Coors Beverage in the second quarter worth about $3,842,000. Wedge Capital Management L L P NC lifted its position in shares of Molson Coors Beverage by 4.1% during the second quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock valued at $35,023,000 after buying an additional 27,203 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Molson Coors Beverage by 22.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock valued at $20,673,000 after buying an additional 56,584 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP opened at $61.41 on Wednesday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $12.65 billion, a PE ratio of 13.64, a P/E/G ratio of 2.34 and a beta of 0.82. The firm has a 50 day moving average of $56.94 and a two-hundred day moving average of $54.44.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.92 EPS. On average, analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is 39.64%.

Analyst Ratings Changes

Several analysts have commented on TAP shares. Barclays increased their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. increased their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Piper Sandler increased their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, TD Cowen cut their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus price target of $60.57.

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.