First Horizon Advisors Inc. Cuts Stake in Molson Coors Beverage (NYSE:TAP)

First Horizon Advisors Inc. reduced its stake in shares of Molson Coors Beverage (NYSE:TAP) by 22.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,512 shares of the company’s stock after selling 428 shares during the period. First Horizon Advisors Inc.’s holdings in Molson Coors Beverage were worth $87,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Callan Capital LLC grew its holdings in Molson Coors Beverage by 20.8% during the 4th quarter. Callan Capital LLC now owns 5,784 shares of the company’s stock valued at $332,000 after buying an additional 997 shares in the last quarter. Bank of Stockton grew its holdings in shares of Molson Coors Beverage by 40.4% in the fourth quarter. Bank of Stockton now owns 6,097 shares of the company’s stock valued at $349,000 after purchasing an additional 1,755 shares in the last quarter. Ieq Capital LLC grew its holdings in shares of Molson Coors Beverage by 236.8% in the fourth quarter. Ieq Capital LLC now owns 67,451 shares of the company’s stock valued at $3,866,000 after purchasing an additional 47,425 shares in the last quarter. Global Retirement Partners LLC grew its holdings in shares of Molson Coors Beverage by 29.3% in the fourth quarter. Global Retirement Partners LLC now owns 2,713 shares of the company’s stock valued at $156,000 after purchasing an additional 614 shares in the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund grew its holdings in shares of Molson Coors Beverage by 7.6% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,599 shares of the company’s stock valued at $314,000 after purchasing an additional 397 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TAP. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their target price for the company from $52.00 to $74.00 in a report on Friday, November 8th. Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. JPMorgan Chase & Co. cut their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. BNP Paribas started coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. Finally, Barclays boosted their price objective on shares of Molson Coors Beverage from $48.00 to $56.00 and gave the company an “underweight” rating in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and an average target price of $63.27.

Molson Coors Beverage Stock Up 1.9 %

Shares of TAP opened at $62.00 on Thursday. The firm has a market capitalization of $12.77 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.52 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 company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $56.54 and a 200-day moving average price of $56.78.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. Equities research analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.03%. Molson Coors Beverage’s dividend payout ratio is 35.14%.

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.