Prelude Capital Management LLC trimmed its stake in Molson Coors Beverage (NYSE:TAP – Get Rating) by 30.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,193 shares of the company’s stock after selling 4,120 shares during the period. Prelude Capital Management LLC’s holdings in Molson Coors Beverage were worth $441,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Molson Coors Beverage by 4.4% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 242,936 shares of the company’s stock valued at $11,659,000 after purchasing an additional 10,172 shares during the last quarter. Knightsbridge Asset Management LLC bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $7,781,000. Marshall Wace LLP bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $336,000. Echo Street Capital Management LLC bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $472,000. Finally, Edgestream Partners L.P. bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $337,000. 76.24% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities research analysts recently issued reports on TAP shares. Cowen raised Molson Coors Beverage from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $55.00 to $60.00 in a research note on Friday, January 6th. Cowen raised Molson Coors Beverage from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $55.00 to $60.00 in a research note on Friday, January 6th. Wells Fargo & Company raised their price target on Molson Coors Beverage from $45.00 to $48.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 22nd. Credit Suisse Group raised their price target on Molson Coors Beverage from $46.00 to $49.00 and gave the stock an “underperform” rating in a research note on Wednesday, February 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered Molson Coors Beverage from a “hold” rating to a “sell” rating and set a $50.00 price target for the company. in a research note on Tuesday, December 6th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus target price of $54.09.
Molson Coors Beverage Trading Down 1.4 %
Molson Coors Beverage (NYSE:TAP – Get Rating) last announced its quarterly earnings results on Tuesday, February 21st. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.24. Molson Coors Beverage had a positive return on equity of 6.65% and a negative net margin of 1.37%. The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.65 billion. During the same period last year, the business posted $0.81 EPS. The business’s revenue was up .4% compared to the same quarter last year. Analysts forecast that Molson Coors Beverage will post 4.09 earnings per share for the current year.
Molson Coors Beverage Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, March 17th. Stockholders of record on Friday, March 3rd will be issued a $0.41 dividend. The ex-dividend date is Thursday, March 2nd. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a dividend yield of 3.14%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently -200.00%.
Molson Coors Beverage Company Profile
Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: Americas, and EMEA and APAC. The Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The EMEA and APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the UK, various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.
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