Molson Coors Beverage (NYSE:TAP) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama decreased its holdings in Molson Coors Beverage (NYSE:TAP) by 2.8% during the 4th quarter, HoldingsChannel reports. The fund owned 40,810 shares of the company’s stock after selling 1,158 shares during the quarter. Retirement Systems of Alabama’s holdings in Molson Coors Beverage were worth $2,498,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. PGGM Investments raised its position in shares of Molson Coors Beverage by 10.1% in the 4th quarter. PGGM Investments now owns 15,532 shares of the company’s stock valued at $951,000 after purchasing an additional 1,430 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in Molson Coors Beverage by 31.1% in the fourth quarter. Russell Investments Group Ltd. now owns 410,181 shares of the company’s stock valued at $25,107,000 after acquiring an additional 97,198 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its stake in Molson Coors Beverage by 4.0% during the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 102,629 shares of the company’s stock valued at $6,282,000 after acquiring an additional 3,924 shares during the last quarter. Bfsg LLC acquired a new position in Molson Coors Beverage during the 4th quarter worth $119,000. Finally, NewSquare Capital LLC increased its position in shares of Molson Coors Beverage by 8.0% in the 4th quarter. NewSquare Capital LLC now owns 12,385 shares of the company’s stock worth $758,000 after purchasing an additional 915 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TAP shares. Piper Sandler started coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target for the company. Evercore ISI decreased their target price on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a research report on Wednesday, May 1st. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Citigroup reduced their price objective on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $65.53.

Insider Transactions at Molson Coors Beverage

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

Molson Coors Beverage Stock Up 1.7 %

TAP stock opened at $58.27 on Wednesday. The stock has a market cap of $12.39 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 2.09 and a beta of 0.86. The firm’s 50-day simple moving average is $64.57 and its 200 day simple moving average is $62.35. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.74 by $0.21. The company had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. Molson Coors Beverage’s revenue was up 10.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 earnings per share. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.02%. 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 payout ratio is 35.20%.

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.