Molson Coors Beverage (NYSE:TAP) Shares Sold by Private Management Group Inc.

Private Management Group Inc. cut its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 26.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 410,933 shares of the company’s stock after selling 146,809 shares during the period. Private Management Group Inc. owned approximately 0.20% of Molson Coors Beverage worth $23,555,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thompson Siegel & Walmsley LLC bought a new position in shares of Molson Coors Beverage in the third quarter worth $48,202,000. State Street Corp lifted its holdings in Molson Coors Beverage by 8.4% in the third 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 period. Randolph Co Inc bought a new position in Molson Coors Beverage in the 3rd quarter valued at about $21,754,000. Invenomic Capital Management LP grew its position in Molson Coors Beverage by 131.1% in the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock valued at $29,875,000 after buying an additional 294,596 shares in the last quarter. Finally, AustralianSuper Pty Ltd raised its position in shares of Molson Coors Beverage by 149.1% during the 3rd quarter. AustralianSuper Pty Ltd now owns 376,424 shares of the company’s stock worth $21,652,000 after buying an additional 225,296 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group reduced their price target on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price target for the company from $47.00 to $57.00 in a research note on Wednesday. BNP Paribas started coverage on Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 price objective on the stock. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $70.00 in a research note on Friday, December 6th. Finally, StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Sunday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.36.

Molson Coors Beverage Price Performance

TAP opened at $53.31 on Thursday. The firm has a market capitalization of $10.98 billion, a P/E ratio of 12.01, a PEG ratio of 2.52 and a beta of 0.85. The stock has a fifty day moving average of $57.35 and a 200-day moving average of $56.23. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the business earned $1.92 EPS. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. Equities analysts forecast that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Molson Coors Beverage Company 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.