Renaissance Technologies LLC Reduces Stock Position in Molson Coors Beverage (NYSE:TAP)

Renaissance Technologies LLC cut its stake in shares of Molson Coors Beverage (NYSE:TAP) by 33.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,800 shares of the company’s stock after selling 26,300 shares during the period. Renaissance Technologies LLC’s holdings in Molson Coors Beverage were worth $3,026,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. HighTower Advisors LLC boosted its holdings in shares of Molson Coors Beverage by 123.3% in the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock worth $1,047,000 after buying an additional 10,080 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Molson Coors Beverage by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock valued at $2,046,000 after acquiring an additional 563 shares during the period. US Bancorp DE increased its stake in shares of Molson Coors Beverage by 103.9% in the 4th quarter. US Bancorp DE now owns 19,285 shares of the company’s stock worth $1,106,000 after purchasing an additional 9,825 shares in the last quarter. Unified Investment Management bought a new position in Molson Coors Beverage in the 4th quarter worth $871,000. Finally, Wilsey Asset Management Inc. lifted its position in Molson Coors Beverage by 1.6% during the fourth quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company’s stock valued at $31,557,000 after purchasing an additional 8,679 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $58.66 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 company has a market cap of $11.88 billion, a price-to-earnings ratio of 10.96, a PEG ratio of 1.52 and a beta of 0.69. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66. The stock’s 50 day simple moving average is $60.08 and its two-hundred day simple moving average is $58.27.

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

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were given a $0.47 dividend. The ex-dividend date was Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.20%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.14%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TAP. Morgan Stanley raised their price objective on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price target on the stock. Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price objective for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. JPMorgan Chase & Co. lowered their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Finally, UBS Group increased their price target on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Eleven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $64.39.

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.