Molson Coors Beverage (NYSE:TAP) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 1.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,236,181 shares of the company’s stock after selling 47,328 shares during the period. Geode Capital Management LLC owned about 2.04% of Molson Coors Beverage worth $242,821,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TAP. Family Firm Inc. purchased a new position in Molson Coors Beverage in the second quarter valued at about $26,000. Altshuler Shaham Ltd acquired a new position in shares of Molson Coors Beverage in the 2nd quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Molson Coors Beverage during the 3rd quarter valued at approximately $35,000. Gladius Capital Management LP acquired a new stake in shares of Molson Coors Beverage during the third quarter worth approximately $42,000. Finally, True Wealth Design LLC bought a new stake in shares of Molson Coors Beverage in the third quarter worth $59,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

TAP stock opened at $61.07 on Friday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 2.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock’s fifty day moving average is $58.53 and its two-hundred day moving average is $55.00.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. Molson Coors Beverage’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period last year, the firm posted $1.92 EPS. On average, research analysts predict that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 2.88%. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Analysts Set New Price Targets

TAP has been the topic of a number of research analyst reports. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. BNP Paribas began coverage on Molson Coors Beverage in a report on Monday, November 25th. They issued a “neutral” rating and a $64.00 price objective for the company. TD Cowen reduced their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.00.

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.