Ignite Planners LLC Has $494,000 Holdings in Molson Coors Beverage (NYSE:TAP)

Ignite Planners LLC cut its holdings in shares of Molson Coors Beverage (NYSE:TAPGet Rating) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,049 shares of the company’s stock after selling 345 shares during the quarter. Ignite Planners LLC’s holdings in Molson Coors Beverage were worth $494,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TAP. Tobam bought a new stake in shares of Molson Coors Beverage during the first quarter valued at approximately $37,000. Lazard Asset Management LLC grew its position in Molson Coors Beverage by 96.4% in the first quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock valued at $40,000 after acquiring an additional 373 shares during the period. Parkside Financial Bank & Trust grew its position in Molson Coors Beverage by 123.3% in the second quarter. Parkside Financial Bank & Trust now owns 842 shares of the company’s stock valued at $46,000 after acquiring an additional 465 shares during the period. Quent Capital LLC grew its position in Molson Coors Beverage by 108.9% in the first quarter. Quent Capital LLC now owns 1,239 shares of the company’s stock valued at $66,000 after acquiring an additional 646 shares during the period. Finally, NuWave Investment Management LLC bought a new stake in Molson Coors Beverage in the second quarter valued at $87,000. 79.22% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Down 3.9 %

Shares of TAP traded down $1.91 during trading hours on Friday, hitting $47.24. 29,142 shares of the stock traded hands, compared to its average volume of 1,160,943. Molson Coors Beverage has a 1-year low of $42.46 and a 1-year high of $60.12. The business has a fifty day moving average of $54.59 and a 200-day moving average of $54.03. The company has a current ratio of 0.82, a quick ratio of 0.57 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $10.24 billion, a PE ratio of 14.58, a price-to-earnings-growth ratio of 2.96 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAPGet Rating) last released its earnings results on Tuesday, August 2nd. The company reported $1.19 earnings per share for the quarter, meeting the consensus estimate of $1.19. Molson Coors Beverage had a return on equity of 6.46% and a net margin of 5.73%. The firm had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the firm posted $1.58 earnings per share. The company’s quarterly revenue was down .6% on a year-over-year basis. Analysts expect that Molson Coors Beverage will post 3.91 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, September 2nd were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.22%. The ex-dividend date was Thursday, September 1st. Molson Coors Beverage’s payout ratio is 45.10%.

Analyst Ratings Changes

TAP has been the topic of a number of analyst reports. UBS Group upped their price target on Molson Coors Beverage from $54.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 3rd. The Goldman Sachs Group upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their target price for the stock from $46.00 to $54.00 in a report on Tuesday, June 28th. Sanford C. Bernstein decreased their target price on Molson Coors Beverage to $57.00 in a report on Tuesday, August 9th. Redburn Partners upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating in a report on Wednesday, July 13th. Finally, TheStreet cut Molson Coors Beverage from a “b” rating to a “c+” rating in a report on Thursday, August 4th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $53.50.

About Molson Coors Beverage

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Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, Middle East, Africa, and Asia Pacific. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.

Further Reading

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

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