Mackenzie Financial Corp Reduces Position in Molson Coors Beverage (NYSE:TAP)

Mackenzie Financial Corp lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,181 shares of the company’s stock after selling 752 shares during the period. Mackenzie Financial Corp’s holdings in Molson Coors Beverage were worth $1,358,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new stake in shares of Molson Coors Beverage in the 4th quarter valued at approximately $29,000. Stone House Investment Management LLC purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $32,000. Allworth Financial LP grew its stake in shares of Molson Coors Beverage by 179.4% in the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after buying an additional 400 shares during the period. WFA of San Diego LLC purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $84,000. Finally, Salem Investment Counselors Inc. grew its stake in shares of Molson Coors Beverage by 179.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 1,395 shares of the company’s stock valued at $85,000 after buying an additional 895 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price target for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Piper Sandler started coverage on shares of Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective on the stock. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Finally, TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $68.07.

Molson Coors Beverage Trading Down 0.7 %

NYSE TAP opened at $63.70 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.50. The firm’s fifty day moving average price is $65.08 and its 200 day moving average price is $62.30. The company has a market capitalization of $13.54 billion, a price-to-earnings ratio of 14.61, a price-to-earnings-growth ratio of 2.23 and a beta of 0.84. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same period last year, the firm posted $1.30 EPS. Molson Coors Beverage’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts expect that Molson Coors Beverage will post 5.67 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 2.76%. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 40.37%.

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.