Freedom Investment Management Inc. Sells 2,058 Shares of Molson Coors Beverage (NYSE:TAP)

Freedom Investment Management Inc. cut its stake in Molson Coors Beverage (NYSE:TAP) by 8.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,823 shares of the company’s stock after selling 2,058 shares during the quarter. Freedom Investment Management Inc.’s holdings in Molson Coors Beverage were worth $1,313,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TAP. Pacer Advisors Inc. raised its holdings in Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after purchasing an additional 2,155,842 shares in the last quarter. Thompson Siegel & Walmsley LLC bought a new position in Molson Coors Beverage in the 3rd quarter worth $48,202,000. Millennium Management LLC raised its holdings in Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after purchasing an additional 645,847 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares in the last quarter. Finally, Randolph Co Inc purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter worth about $21,754,000. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $61.23 on Thursday. The company’s 50-day moving average is $57.05 and its 200 day moving average is $54.46. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The company has a market capitalization of $12.61 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 2.35 and a beta of 0.82. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.92 EPS. Sell-side analysts expect that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. TD Cowen reduced their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. UBS Group upped their target price on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays upped their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Piper Sandler upped their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.57.

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.