ExodusPoint Capital Management LP Invests $21.50 Million in Molson Coors Beverage (NYSE:TAP)

ExodusPoint Capital Management LP acquired a new position in Molson Coors Beverage (NYSE:TAP) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 375,016 shares of the company’s stock, valued at approximately $21,496,000. ExodusPoint Capital Management LP owned about 0.18% of Molson Coors Beverage at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp grew its position in Molson Coors Beverage by 8.4% in the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after purchasing an additional 681,757 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Molson Coors Beverage by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock valued at $245,308,000 after buying an additional 54,867 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after buying an additional 434,250 shares during the period. Norges Bank acquired a new stake in Molson Coors Beverage during the fourth quarter worth about $142,407,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Molson Coors Beverage by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,684,621 shares of the company’s stock valued at $96,562,000 after acquiring an additional 33,234 shares during the period. Institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TAP shares. Needham & Company LLC reissued a “buy” rating and set a $72.00 price objective on shares of Molson Coors Beverage in a report on Wednesday, February 12th. Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a research note on Wednesday. They set a “buy” rating and a $86.90 price target on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. Morgan Stanley lifted their target price on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Finally, Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price target for the company from $57.00 to $70.00 in a research note on Friday, December 6th. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $65.06.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $62.02 on Thursday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The firm has a 50 day simple moving average of $58.47 and a 200 day simple moving average of $57.84. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market cap of $12.57 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.13. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. Sell-side analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were given a dividend of $0.47 per share. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.03%. Molson Coors Beverage’s payout ratio is currently 35.14%.

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.