Dupont Capital Management Corp cut its holdings in Molson Coors Beverage (NYSE:TAP – Get Rating) by 77.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,842 shares of the company’s stock after selling 33,366 shares during the quarter. Dupont Capital Management Corp’s holdings in Molson Coors Beverage were worth $472,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Molson Coors Beverage by 6.1% in the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock worth $1,138,589,000 after acquiring an additional 1,235,013 shares during the period. State Street Corp lifted its stake in Molson Coors Beverage by 1.7% in the first quarter. State Street Corp now owns 8,727,747 shares of the company’s stock worth $465,887,000 after acquiring an additional 143,757 shares during the period. Capital International Investors lifted its stake in Molson Coors Beverage by 1.0% in the first quarter. Capital International Investors now owns 4,721,084 shares of the company’s stock worth $252,011,000 after acquiring an additional 49,044 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Molson Coors Beverage by 10.8% during the first quarter. Dimensional Fund Advisors LP now owns 3,216,836 shares of the company’s stock valued at $171,722,000 after buying an additional 312,326 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Molson Coors Beverage by 2.2% during the second quarter. Legal & General Group Plc now owns 1,709,868 shares of the company’s stock valued at $93,204,000 after buying an additional 37,051 shares during the last quarter. 76.24% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
TAP has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lowered shares of Molson Coors Beverage from a “hold” rating to a “sell” rating and set a $50.00 price target for the company. in a research report on Tuesday, December 6th. Cowen upgraded shares of Molson Coors Beverage from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $55.00 to $60.00 in a report on Friday, January 6th. Cowen upgraded shares of Molson Coors Beverage from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $55.00 to $60.00 in a report on Friday, January 6th. Wedbush initiated coverage on shares of Molson Coors Beverage in a report on Monday, October 10th. They set a “neutral” rating and a $50.00 price objective on the stock. Finally, Wells Fargo & Company downgraded shares of Molson Coors Beverage from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $52.00 to $45.00 in a report on Tuesday, January 3rd. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $54.00.
Molson Coors Beverage Trading Up 0.9 %
Molson Coors Beverage (NYSE:TAP – Get Rating) last released its quarterly earnings data on Tuesday, November 1st. The company reported $1.32 EPS for the quarter, missing the consensus estimate of $1.36 by ($0.04). Molson Coors Beverage had a return on equity of 5.78% and a net margin of 3.85%. The company had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $2.86 billion. Analysts anticipate that Molson Coors Beverage will post 3.86 earnings per share for the current year.
Molson Coors Beverage Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Friday, December 2nd were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.99%. Molson Coors Beverage’s dividend payout ratio (DPR) is 66.67%.
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. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.
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