Intech Investment Management LLC Cuts Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Intech Investment Management LLC reduced its stake in Molson Coors Beverage (NYSE:TAP) by 84.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,183 shares of the company’s stock after selling 112,032 shares during the quarter. Intech Investment Management LLC’s holdings in Molson Coors Beverage were worth $1,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. iA Global Asset Management Inc. raised its position in shares of Molson Coors Beverage by 117.5% during the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after buying an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP raised its position in Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after purchasing an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Molson Coors Beverage during the second quarter worth about $3,842,000. Wedge Capital Management L L P NC boosted its holdings in shares of Molson Coors Beverage by 4.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock worth $35,023,000 after purchasing an additional 27,203 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Molson Coors Beverage by 22.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock valued at $20,673,000 after purchasing an additional 56,584 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $61.41 on Wednesday. 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 has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market cap of $12.65 billion, a P/E ratio of 13.83, a P/E/G ratio of 2.34 and a beta of 0.82. The business’s 50 day moving average price is $56.94 and its 200-day moving average price is $54.44.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the previous year, the business posted $1.92 earnings per share. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, equities research analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. BNP Paribas assumed coverage on Molson Coors Beverage in a research report on Monday. They issued a “neutral” rating and a $64.00 target price for the company. JPMorgan Chase & Co. boosted their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Barclays lifted their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Finally, Piper Sandler upped their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.57.

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.