Molson Coors Beverage (NYSE:TAP) Shares Sold by Harbour Investments Inc.

Harbour Investments Inc. lessened its stake in shares of Molson Coors Beverage (NYSE:TAP) by 6.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 3,634 shares of the company’s stock after selling 255 shares during the period. Harbour Investments Inc.’s holdings in Molson Coors Beverage were worth $185,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Corient Private Wealth LLC raised its stake in Molson Coors Beverage by 254.5% during the 4th quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock valued at $2,586,000 after purchasing an additional 30,323 shares during the period. Vinva Investment Management Ltd raised its stake in Molson Coors Beverage by 91.5% during the 4th quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock valued at $5,909,000 after purchasing an additional 46,101 shares during the period. Nordea Investment Management AB raised its stake in Molson Coors Beverage by 153.7% during the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after purchasing an additional 15,648 shares during the period. iA Global Asset Management Inc. raised its stake in Molson Coors Beverage by 117.5% during the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after purchasing an additional 17,062 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in Molson Coors Beverage by 220.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after purchasing an additional 336,496 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 1.4 %

TAP stock opened at $53.97 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a 50-day moving average of $52.40 and a two-hundred day moving average of $57.68. The stock has a market capitalization of $11.43 billion, a price-to-earnings ratio of 10.79, a price-to-earnings-growth ratio of 2.26 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same period in the prior year, the company earned $1.78 earnings per share. The business’s quarterly revenue was down .4% compared to the same quarter last year. As a group, equities research analysts anticipate that Molson Coors Beverage will post 5.56 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.20%.

Analyst Ratings Changes

Several analysts have issued reports on TAP shares. Bank of America cut their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Barclays upped their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Finally, Piper Sandler upped their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.53.

Molson Coors Beverage Company 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.