Kentucky Retirement Systems Trims Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems lowered its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 2.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,702 shares of the company’s stock after selling 360 shares during the quarter. Kentucky Retirement Systems’ holdings in Molson Coors Beverage were worth $696,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Capital International Investors lifted its position in shares of Molson Coors Beverage by 10.7% during the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after purchasing an additional 939,142 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after buying an additional 434,685 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Molson Coors Beverage by 12.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,396,489 shares of the company’s stock valued at $85,479,000 after buying an additional 153,968 shares in the last quarter. Schroder Investment Management Group boosted its position in Molson Coors Beverage by 0.9% in the 4th quarter. Schroder Investment Management Group now owns 1,254,963 shares of the company’s stock valued at $76,816,000 after buying an additional 11,514 shares during the period. Finally, Ilex Capital Partners UK LLP bought a new position in Molson Coors Beverage in the 1st quarter worth about $53,096,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

TAP has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. TD Cowen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating and cut their price target for the company from $68.00 to $58.00 in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Barclays increased their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.53.

Molson Coors Beverage Stock Performance

TAP opened at $54.49 on Friday. The firm’s 50-day moving average price is $53.77 and its 200-day moving average price is $56.90. The company has a market cap of $11.54 billion, a P/E ratio of 10.90, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The business had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the previous year, the firm posted $1.78 earnings per share. The business’s revenue for the quarter was down .4% compared to the same quarter last year. As a group, equities analysts anticipate that Molson Coors Beverage will post 5.75 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 30th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is presently 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.