Allspring Global Investments Holdings LLC Sells 49,944 Shares of Molson Coors Beverage (NYSE:TAP)

Allspring Global Investments Holdings LLC decreased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 24.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 152,875 shares of the company’s stock after selling 49,944 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Molson Coors Beverage were worth $9,357,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Molson Coors Beverage by 6.1% during the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock valued at $1,138,589,000 after buying an additional 1,235,013 shares during the last quarter. State Street Corp grew its stake in shares of Molson Coors Beverage by 1.7% during the first quarter. State Street Corp now owns 8,727,747 shares of the company’s stock valued at $465,887,000 after buying an additional 143,757 shares during the last quarter. Capital International Investors grew 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 purchasing an additional 49,044 shares in the last quarter. Geode Capital Management LLC grew its stake in Molson Coors Beverage by 1.0% in the first quarter. Geode Capital Management LLC now owns 3,859,484 shares of the company’s stock worth $198,998,000 after purchasing an additional 38,966 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Molson Coors Beverage by 76.0% in the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TAP. StockNews.com raised Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Piper Sandler began coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective on the stock. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Finally, Citigroup increased their price objective on Molson Coors Beverage from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average target price of $68.27.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $63.26 on Wednesday. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The stock has a fifty day moving average price of $64.75 and a 200-day moving average price of $62.20. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a market cap of $13.65 billion, a PE ratio of 14.51, a P/E/G ratio of 2.31 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the prior year, the business posted $1.30 EPS. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities research analysts predict that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.78%. The ex-dividend date was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is currently 40.37%.

Insider Activity

In other news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the sale, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.71% of the company’s stock.

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.