Victory Capital Management Inc. Has $27.60 Million Stake in Molson Coors Beverage (NYSE:TAP)

Victory Capital Management Inc. cut its position in Molson Coors Beverage (NYSE:TAP) by 2.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 450,832 shares of the company’s stock after selling 12,165 shares during the quarter. Victory Capital Management Inc.’s holdings in Molson Coors Beverage were worth $27,595,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in TAP. Tennessee Valley Asset Management Partners acquired a new position in Molson Coors Beverage during the fourth quarter valued at approximately $29,000. Stone House Investment Management LLC acquired a new position in shares of Molson Coors Beverage during the 3rd quarter worth $32,000. Allworth Financial LP lifted its position in shares of Molson Coors Beverage by 179.4% during the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after buying an additional 400 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Molson Coors Beverage in the fourth quarter valued at about $61,000. Finally, Signaturefd LLC grew its position in Molson Coors Beverage by 30.2% in the fourth quarter. Signaturefd LLC now owns 1,193 shares of the company’s stock valued at $73,000 after acquiring an additional 277 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Barclays cut their target price on shares of Molson Coors Beverage from $67.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 2nd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Citigroup dropped their price target on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating for the company in a research note on Wednesday, May 1st. Finally, Piper Sandler initiated coverage on Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $65.53.

Molson Coors Beverage Price Performance

Shares of TAP opened at $58.27 on Wednesday. The business has a 50-day moving average of $64.57 and a 200-day moving average of $62.35. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of 11.65, a price-to-earnings-growth ratio of 2.09 and a beta of 0.86. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90.

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

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.44 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 3.02%. Molson Coors Beverage’s payout ratio is presently 35.20%.

Insider Buying and Selling at Molson Coors Beverage

In other news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the transaction, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.