Molson Coors Beverage (NYSE:TAP) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN trimmed its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 41.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 169,066 shares of the company’s stock after selling 119,454 shares during the period. Wells Fargo & Company MN owned approximately 0.08% of Molson Coors Beverage worth $9,691,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TAP. Truvestments Capital LLC boosted its holdings in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after buying an additional 202 shares in the last quarter. Catalyst Capital Advisors LLC grew its position in shares of Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after acquiring an additional 428 shares during the period. SRS Capital Advisors Inc. raised its holdings in Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the period. Private Trust Co. NA boosted its position in Molson Coors Beverage by 53.1% during the fourth quarter. Private Trust Co. NA now owns 796 shares of the company’s stock worth $46,000 after purchasing an additional 276 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in Molson Coors Beverage by 101.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 973 shares of the company’s stock valued at $56,000 after purchasing an additional 489 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on TAP. Needham & Company LLC reissued a “buy” rating and set a $72.00 target price on shares of Molson Coors Beverage in a report on Monday. Berenberg Bank began coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price objective for the company. JPMorgan Chase & Co. decreased their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 30th. Morgan Stanley upped their target price on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Finally, Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their price target for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $64.39.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $58.77 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average of $59.82 and a 200-day moving average of $58.20. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $65.24. The firm has a market cap of $11.91 billion, a price-to-earnings ratio of 10.99, a price-to-earnings-growth ratio of 1.52 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were given a $0.47 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.20%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.14%.

About Molson Coors Beverage

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.