CIBC Asset Management Inc Lowers Position in Molson Coors Beverage (NYSE:TAP)

Posted by Defense World Staff on Jun 12th, 2023

CIBC Asset Management Inc lessened its holdings in Molson Coors Beverage (NYSE:TAP – Get Rating) by 0.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,131 shares of the company’s stock after selling 218 shares during the period. CIBC Asset Management Inc’s holdings in Molson Coors Beverage were worth $1,707,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TAP. Vanguard Group Inc. raised its position in shares of Molson Coors Beverage by 6.1% in the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock worth $1,138,589,000 after buying an additional 1,235,013 shares in the last quarter. Keybank National Association OH purchased a new stake in Molson Coors Beverage during the fourth quarter valued at about $22,699,000. Captrust Financial Advisors raised its position in Molson Coors Beverage by 783.0% during the third quarter. Captrust Financial Advisors now owns 401,991 shares of the company’s stock valued at $19,292,000 after purchasing an additional 356,465 shares in the last quarter. Foundry Partners LLC purchased a new stake in Molson Coors Beverage during the fourth quarter valued at about $16,504,000. Finally, Dimensional Fund Advisors LP raised its position in Molson Coors Beverage by 10.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,216,836 shares of the company’s stock valued at $171,722,000 after purchasing an additional 312,326 shares in the last quarter. Hedge funds and other institutional investors own 76.24% of the company’s stock.

Molson Coors Beverage Stock Up 0.8 %

TAP stock traded up $0.56 during midday trading on Monday, hitting $67.02. The stock had a trading volume of 667,201 shares, compared to its average volume of 1,983,828. The firm has a market cap of $14.49 billion, a price-to-earnings ratio of -56.31, a price-to-earnings-growth ratio of 3.51 and a beta of 0.85. The business has a 50-day moving average of $60.32 and a two-hundred day moving average of $55.00. Molson Coors Beverage has a 52-week low of $46.69 and a 52-week high of $67.19. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.77 and a quick ratio of 0.49.

Molson Coors Beverage (NYSE:TAP – Get Rating) last issued its quarterly earnings results on Tuesday, May 2nd. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.28. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Molson Coors Beverage had a positive return on equity of 7.16% and a negative net margin of 1.97%. The firm’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage will post 4.41 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, June 2nd will be paid a $0.41 dividend. The ex-dividend date of this dividend is Thursday, June 1st. This represents a $1.64 annualized dividend and a yield of 2.45%. Molson Coors Beverage’s payout ratio is -137.81%.

Insider Buying and Selling

In other Molson Coors Beverage news, insider Geoffrey E. Molson sold 1,840 shares of the business’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $60.62, for a total value of $111,540.80. Following the sale, the insider now directly owns 25,904 shares of the company’s stock, valued at $1,570,300.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on TAP. Barclays raised their price target on Molson Coors Beverage from $62.00 to $69.00 in a research report on Thursday. UBS Group raised their price target on Molson Coors Beverage from $54.00 to $67.00 in a research report on Wednesday, May 3rd. Citigroup assumed coverage on Molson Coors Beverage in a research note on Thursday, February 16th. They set a “neutral” rating and a $55.00 price objective on the stock. Roth Capital reaffirmed a “buy” rating on shares of Molson Coors Beverage in a research note on Tuesday, February 21st. Finally, StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $60.19.

Molson Coors Beverage Company 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.