Hartford Investment Management Co. Lowers Position in Molson Coors Beverage (NYSE:TAP)

Hartford Investment Management Co. trimmed its position in shares of Molson Coors Beverage (NYSE:TAP) by 1.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,862 shares of the company’s stock after selling 212 shares during the quarter. Hartford Investment Management Co.’s holdings in Molson Coors Beverage were worth $623,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in TAP. Thompson Siegel & Walmsley LLC purchased a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $48,202,000. State Street Corp raised its position in Molson Coors Beverage by 8.4% in the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after acquiring an additional 681,757 shares in the last quarter. Invenomic Capital Management LP lifted its holdings in Molson Coors Beverage by 131.1% in the third quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock valued at $29,875,000 after acquiring an additional 294,596 shares during the period. AustralianSuper Pty Ltd boosted its position in shares of Molson Coors Beverage by 149.1% during the 3rd quarter. AustralianSuper Pty Ltd now owns 376,424 shares of the company’s stock worth $21,652,000 after purchasing an additional 225,296 shares in the last quarter. Finally, Victory Capital Management Inc. grew its stake in shares of Molson Coors Beverage by 92.8% during the 3rd quarter. Victory Capital Management Inc. now owns 434,047 shares of the company’s stock worth $24,966,000 after purchasing an additional 208,974 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $60.33 on Friday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The company’s 50 day simple moving average is $56.50 and its 200 day simple moving average is $56.34. The company has a market capitalization of $12.43 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.07 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. On average, sell-side analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be issued a $0.47 dividend. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date is Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.12%. Molson Coors Beverage’s payout ratio is 39.64%.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of research analyst reports. UBS Group boosted their price objective on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a report on Friday. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Barclays decreased their target price on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $62.73.

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.