Molson Coors Beverage (NYSE:TAP) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 8.8% in the second quarter, HoldingsChannel reports. The fund owned 18,593 shares of the company’s stock after selling 1,784 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Molson Coors Beverage were worth $945,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in TAP. Family Firm Inc. acquired a new stake in shares of Molson Coors Beverage in the second quarter valued at $26,000. Raleigh Capital Management Inc. lifted its stake in Molson Coors Beverage by 2,087.5% in the 4th quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after acquiring an additional 501 shares in the last quarter. GPS Wealth Strategies Group LLC lifted its stake in Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after acquiring an additional 294 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in Molson Coors Beverage in the 4th quarter worth about $36,000. Finally, Quarry LP lifted its stake in Molson Coors Beverage by 69.3% in the 4th quarter. Quarry LP now owns 657 shares of the company’s stock worth $40,000 after acquiring an additional 269 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Bank of America reduced their price objective on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Jefferies Financial Group reduced their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler raised their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company raised their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $60.53.

Molson Coors Beverage Stock Performance

TAP opened at $54.61 on Wednesday. The firm has a market capitalization of $11.57 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 2.33 and a beta of 0.81. The stock’s 50 day moving average price is $53.89 and its two-hundred day moving average price is $56.73. 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 12-month low of $49.19 and a 12-month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $1.78 EPS. On average, equities analysts forecast that Molson Coors Beverage will post 5.75 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) 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.