Charles Schwab Investment Management Inc. Reduces Position in Molson Coors Beverage (NYSE:TAP)

Charles Schwab Investment Management Inc. decreased its holdings in Molson Coors Beverage (NYSE:TAP) by 0.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,651,387 shares of the company’s stock after selling 11,145 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Molson Coors Beverage were worth $94,988,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Pacer Advisors Inc. boosted its stake in shares of Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after buying an additional 2,155,842 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new stake in Molson Coors Beverage in the third quarter valued at $48,202,000. Millennium Management LLC boosted its stake in Molson Coors Beverage by 541.4% during the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after acquiring an additional 645,847 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after acquiring an additional 434,685 shares in the last quarter. Finally, Randolph Co Inc bought a new stake in shares of Molson Coors Beverage in the 3rd quarter worth about $21,754,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $61.41 on Wednesday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a market capitalization of $12.65 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82. The business has a 50 day simple moving average of $56.94 and a 200 day simple moving average of $54.44.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the business posted $1.92 earnings per share. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, equities research analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.87%. Molson Coors Beverage’s dividend payout ratio (DPR) is 39.64%.

Analyst Ratings Changes

TAP has been the topic of several research analyst reports. TD Cowen reduced their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft increased their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. BNP Paribas began coverage on Molson Coors Beverage in a report on Monday. They issued a “neutral” rating and a $64.00 price target for the company. Piper Sandler raised their price objective 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, JPMorgan Chase & Co. boosted their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.57.

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.