Illinois Municipal Retirement Fund lowered its stake in Molson Coors Beverage (NYSE:TAP – Free Report) by 35.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,943 shares of the company’s stock after selling 70,205 shares during the period. Illinois Municipal Retirement Fund owned about 0.06% of Molson Coors Beverage worth $7,954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners acquired a new stake in Molson Coors Beverage in the 4th quarter valued at about $29,000. Stone House Investment Management LLC acquired a new stake in Molson Coors Beverage in the 3rd quarter valued at about $32,000. Allworth Financial LP raised its position in 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 purchasing an additional 400 shares in the last quarter. Ronald Blue Trust Inc. raised its position in Molson Coors Beverage by 118.0% in the 3rd quarter. Ronald Blue Trust Inc. now owns 835 shares of the company’s stock valued at $55,000 after purchasing an additional 452 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. acquired a new stake in Molson Coors Beverage in the 4th quarter valued at about $61,000. Institutional investors and hedge funds own 78.46% of the company’s stock.
Insider Buying and Selling
In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now directly 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 is accessible through the SEC website. 2.71% of the stock is currently owned by insiders.
Analyst Upgrades and Downgrades
TAP has been the topic of several research analyst reports. Citigroup lowered Molson Coors Beverage from a “neutral” rating to a “sell” rating and cut their target price for the stock from $66.00 to $56.00 in a research report on Wednesday. Barclays raised their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday, April 12th. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Piper Sandler initiated coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Two equities research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $68.07.
Molson Coors Beverage Price Performance
Shares of Molson Coors Beverage stock traded down $0.48 during trading on Wednesday, reaching $63.70. The company’s stock had a trading volume of 2,444,491 shares, compared to its average volume of 1,674,923. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The company has a market capitalization of $13.54 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 2.23 and a beta of 0.84. The business has a 50 day moving average price of $65.08 and a 200-day moving average price of $62.30.
Molson Coors Beverage (NYSE:TAP – Get Free Report) 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. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. Molson Coors Beverage’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.30 earnings per share. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.67 EPS for the current year.
Molson Coors Beverage Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. 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 2.76%. Molson Coors Beverage’s payout ratio is currently 40.37%.
About Molson Coors Beverage
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.