The Manufacturers Life Insurance Company Sells 4,398 Shares of Molson Coors Beverage (NYSE:TAP)

The Manufacturers Life Insurance Company lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 3.0% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 141,631 shares of the company’s stock after selling 4,398 shares during the period. The Manufacturers Life Insurance Company’s holdings in Molson Coors Beverage were worth $8,147,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Farther Finance Advisors LLC boosted its holdings in Molson Coors Beverage by 11.8% in the third quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company’s stock worth $99,000 after acquiring an additional 182 shares in the last quarter. Integrated Investment Consultants LLC grew its position in Molson Coors Beverage by 4.7% during the 3rd quarter. Integrated Investment Consultants LLC now owns 4,154 shares of the company’s stock valued at $239,000 after purchasing an additional 185 shares during the last quarter. Perpetual Ltd increased its stake in Molson Coors Beverage by 1.0% during the 3rd quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock valued at $1,182,000 after purchasing an additional 197 shares in the last quarter. SkyView Investment Advisors LLC lifted its stake in shares of Molson Coors Beverage by 1.8% in the second quarter. SkyView Investment Advisors LLC now owns 15,102 shares of the company’s stock worth $768,000 after buying an additional 274 shares in the last quarter. Finally, Private Advisor Group LLC lifted its stake in shares of Molson Coors Beverage by 0.9% in the third quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock worth $1,845,000 after buying an additional 277 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $61.48 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The firm has a market cap of $12.67 billion, a PE ratio of 13.85, a P/E/G ratio of 2.39 and a beta of 0.85. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a fifty day moving average price of $57.57 and a 200-day moving average price of $54.56.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company’s revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the company earned $1.92 earnings per share. Equities research analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.86%. Molson Coors Beverage’s payout ratio is 39.64%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TAP. Deutsche Bank Aktiengesellschaft increased their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Barclays increased their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Piper Sandler lifted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. UBS Group raised their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, BNP Paribas assumed coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 price target for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average price target of $60.00.

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.