Raymond James Trust N.A. Trims Position in Molson Coors Beverage (NYSE:TAP)

Raymond James Trust N.A. decreased its holdings in Molson Coors Beverage (NYSE:TAP) by 50.3% in the third quarter, HoldingsChannel.com reports. The fund owned 9,177 shares of the company’s stock after selling 9,302 shares during the period. Raymond James Trust N.A.’s holdings in Molson Coors Beverage were worth $528,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TAP. Family Firm Inc. bought a new position in Molson Coors Beverage in the 2nd quarter worth $26,000. Altshuler Shaham Ltd purchased a new position in shares of Molson Coors Beverage during the second quarter valued at about $27,000. GPS Wealth Strategies Group LLC raised its stake in Molson Coors Beverage by 83.8% in the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after buying an additional 294 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in Molson Coors Beverage in the third quarter worth about $35,000. Finally, Gladius Capital Management LP bought a new stake in Molson Coors Beverage during the 3rd quarter valued at approximately $42,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 0.5 %

NYSE:TAP opened at $60.67 on Tuesday. The stock has a market cap of $12.50 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 2.34 and a beta of 0.82. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average price is $56.84 and its 200-day moving average price is $54.43. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating 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 business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the business posted $1.92 EPS. The company’s revenue was down 7.8% compared to the same quarter last year. On average, equities research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.90%. Molson Coors Beverage’s payout ratio is 39.64%.

Wall Street Analyst Weigh In

TAP has been the subject of several research reports. TD Cowen decreased their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $52.00 to $74.00 in a report on Friday, November 8th. UBS Group raised their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Finally, Barclays lifted their price target 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. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price 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.