Molson Coors Beverage (NYSE:TAP) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama trimmed its position in shares of Molson Coors Beverage (NYSE:TAP) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 40,810 shares of the company’s stock after selling 1,158 shares during the period. Retirement Systems of Alabama’s holdings in Molson Coors Beverage were worth $2,498,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $29,000. Stone House Investment Management LLC acquired a new position in shares of Molson Coors Beverage during the third quarter worth $32,000. Allworth Financial LP increased its holdings in Molson Coors Beverage by 179.4% in the fourth 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 last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Molson Coors Beverage in the fourth quarter valued at $61,000. Finally, Signaturefd LLC lifted its holdings in Molson Coors Beverage by 30.2% during the 4th quarter. Signaturefd LLC now owns 1,193 shares of the company’s stock worth $73,000 after buying an additional 277 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TAP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. dropped their price objective on Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Citigroup dropped their price target on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft raised their price objective 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. Evercore ISI lowered their target price on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. Finally, UBS Group cut their price target on shares of Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $65.53.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $58.27 on Wednesday. The firm has a market cap of $12.39 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.09 and a beta of 0.86. Molson Coors Beverage has a 52-week low of $55.67 and a 52-week high of $70.90. The business’s 50-day moving average price is $64.57 and its 200 day moving average price is $62.35. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the business posted $0.54 EPS. The company’s revenue was up 10.7% on a year-over-year basis. On average, equities research analysts expect that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.44 dividend. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s payout ratio is currently 35.20%.

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.