Cibc World Market Inc. Has $1.68 Million Stake in Molson Coors Beverage Company $TAP

Cibc World Market Inc. increased its position in Molson Coors Beverage Company (NYSE:TAP) by 53.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 37,011 shares of the company’s stock after acquiring an additional 12,861 shares during the period. Cibc World Market Inc.’s holdings in Molson Coors Beverage were worth $1,675,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in TAP. Vanguard Group Inc. increased its stake in shares of Molson Coors Beverage by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 21,208,854 shares of the company’s stock worth $1,019,934,000 after purchasing an additional 92,058 shares during the last quarter. Dodge & Cox raised its holdings in Molson Coors Beverage by 2.3% during the second quarter. Dodge & Cox now owns 14,396,195 shares of the company’s stock valued at $692,313,000 after buying an additional 327,885 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Molson Coors Beverage by 1.4% in the second quarter. Geode Capital Management LLC now owns 4,486,791 shares of the company’s stock worth $214,860,000 after buying an additional 61,060 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Molson Coors Beverage by 17.2% during the 2nd quarter. Invesco Ltd. now owns 4,277,685 shares of the company’s stock worth $205,714,000 after acquiring an additional 626,639 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Molson Coors Beverage during the 2nd quarter valued at about $134,289,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Down 2.3%

TAP stock opened at $53.12 on Tuesday. Molson Coors Beverage Company has a 1-year low of $42.94 and a 1-year high of $64.66. The company has a current ratio of 0.60, a quick ratio of 0.45 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $48.63 and its 200-day moving average is $47.83. The firm has a market cap of $10.50 billion, a P/E ratio of -4.97 and a beta of 0.48.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Friday, December 5th. Molson Coors Beverage’s payout ratio is currently -17.60%.

Analyst Ratings Changes

TAP has been the subject of a number of recent analyst reports. BNP Paribas Exane cut Molson Coors Beverage from a “hold” rating to a “strong sell” rating and set a $40.00 target price for the company. in a research report on Friday, January 16th. Roth Mkm reiterated a “buy” rating and issued a $65.00 target price (down from $67.00) on shares of Molson Coors Beverage in a research note on Wednesday, November 5th. Wells Fargo & Company reissued an “equal weight” rating and set a $50.00 target price (down previously from $53.00) on shares of Molson Coors Beverage in a research report on Wednesday, November 19th. JPMorgan Chase & Co. assumed coverage on Molson Coors Beverage in a research report on Wednesday, November 5th. They issued a “neutral” rating and a $49.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Monday, December 29th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $53.18.

Molson Coors Beverage Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.