Corebridge Financial Inc. Decreases Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Corebridge Financial Inc. cut its stake in Molson Coors Beverage (NYSE:TAP) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,333 shares of the company’s stock after selling 2,284 shares during the period. Corebridge Financial Inc.’s holdings in Molson Coors Beverage were worth $2,369,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Truvestments Capital LLC raised its holdings in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares during the last quarter. Catalyst Capital Advisors LLC raised its stake in shares of Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after buying an additional 428 shares during the last quarter. SRS Capital Advisors Inc. grew its stake in Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock valued at $42,000 after acquiring an additional 203 shares during the last quarter. Private Trust Co. NA increased its holdings in Molson Coors Beverage by 53.1% during the 4th quarter. Private Trust Co. NA now owns 796 shares of the company’s stock valued at $46,000 after acquiring an additional 276 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Molson Coors Beverage by 101.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 973 shares of the company’s stock worth $56,000 after acquiring an additional 489 shares during the last quarter. 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 $61.28 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The firm has a market capitalization of $12.42 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a 50 day moving average price of $58.33 and a 200 day moving average price of $57.81.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, February 13th. The company reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Sell-side analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.07%. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.14%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TAP. Barclays lowered their price target on shares of Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. UBS Group increased their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. JPMorgan Chase & Co. reduced their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $72.00 price objective on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $63.60.

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.