Credit Suisse AG Buys 111,600 Shares of Molson Coors Beverage (NYSE:TAP)

Posted by on Jun 9th, 2023

Credit Suisse AG boosted its stake in shares of Molson Coors Beverage (NYSE:TAP – Get Rating) by 47.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 346,505 shares of the company’s stock after buying an additional 111,600 shares during the quarter. Credit Suisse AG owned approximately 0.16% of Molson Coors Beverage worth $17,852,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in Molson Coors Beverage by 16.0% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 135,715 shares of the company’s stock valued at $6,710,000 after buying an additional 18,676 shares in the last quarter. Lazard Asset Management LLC raised its holdings in shares of Molson Coors Beverage by 1,081.7% in the 3rd quarter. Lazard Asset Management LLC now owns 4,573 shares of the company’s stock valued at $218,000 after purchasing an additional 4,186 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at about $884,000. Knightsbridge Asset Management LLC bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at about $7,781,000. Finally, First American Trust FSB raised its holdings in shares of Molson Coors Beverage by 4.3% in the 4th quarter. First American Trust FSB now owns 63,522 shares of the company’s stock valued at $3,272,000 after purchasing an additional 2,595 shares in the last quarter. Institutional investors own 76.24% of the company’s stock.

Insiders Place Their Bets

In other Molson Coors Beverage news, insider Geoffrey E. Molson sold 1,840 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $60.62, for a total transaction of $111,540.80. Following the completion of the transaction, the insider now directly owns 25,904 shares in the company, valued at $1,570,300.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TAP shares. UBS Group boosted their price target on shares of Molson Coors Beverage from $54.00 to $67.00 in a report on Wednesday, May 3rd. JPMorgan Chase & Co. upgraded shares of Molson Coors Beverage from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $59.00 to $64.00 in a report on Wednesday, May 3rd. Credit Suisse Group boosted their price target on shares of Molson Coors Beverage from $46.00 to $49.00 and gave the company an “underperform” rating in a report on Wednesday, February 22nd. Jefferies Financial Group lifted their price objective on shares of Molson Coors Beverage from $74.00 to $75.00 in a research report on Tuesday. Finally, Roth Capital reaffirmed a “buy” rating on shares of Molson Coors Beverage in a research report on Tuesday, February 21st. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.19.

Molson Coors Beverage Stock Up 0.4 %

NYSE:TAP opened at $66.40 on Friday. The company has a market cap of $14.36 billion, a PE ratio of -55.80, a P/E/G ratio of 3.51 and a beta of 0.85. Molson Coors Beverage has a twelve month low of $46.69 and a twelve month high of $66.67. The company has a current ratio of 0.77, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $60.03 and its two-hundred day moving average is $54.91.

Molson Coors Beverage (NYSE:TAP – Get Rating) last announced its quarterly earnings data on Tuesday, May 2nd. The company reported $0.54 EPS for the quarter, beating the consensus estimate of $0.26 by $0.28. Molson Coors Beverage had a negative net margin of 1.97% and a positive return on equity of 7.16%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same period in the previous year, the business posted $0.29 EPS. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. Analysts anticipate that Molson Coors Beverage will post 4.4 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Friday, June 2nd will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date is Thursday, June 1st. Molson Coors Beverage’s dividend payout ratio is presently -137.81%.

Molson Coors Beverage Profile

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Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: Americas, and EMEA and APAC. The Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The EMEA and APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the UK, various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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