Molson Coors Beverage (NYSE:TAP) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 2.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 37,140 shares of the company’s stock after selling 1,106 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Molson Coors Beverage were worth $2,129,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock worth $505,727,000 after acquiring an additional 681,757 shares during the period. Raymond James Financial Inc. purchased a new stake in Molson Coors Beverage during the 4th quarter worth about $27,660,000. Bank of New York Mellon Corp increased its holdings in Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after purchasing an additional 434,250 shares during the period. Invenomic Capital Management LP raised its position in Molson Coors Beverage by 131.1% in the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock valued at $29,875,000 after purchasing an additional 294,596 shares in the last quarter. Finally, LBP AM SA boosted its stake in shares of Molson Coors Beverage by 1,553.3% in the 4th quarter. LBP AM SA now owns 206,664 shares of the company’s stock valued at $11,846,000 after buying an additional 194,164 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TAP has been the topic of several analyst reports. Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their target price for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. Barclays raised Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $56.00 to $62.00 in a report on Thursday, March 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Molson Coors Beverage in a report on Wednesday, February 12th. Finally, UBS Group raised their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average target price of $63.67.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $59.36 on Tuesday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The stock has a market capitalization of $12.03 billion, a price-to-earnings ratio of 11.10, a PEG ratio of 1.52 and a beta of 0.81. The company has a 50-day simple moving average of $57.67 and a 200-day simple moving average of $57.57. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, February 13th. The company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. On average, analysts predict that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were paid a $0.47 dividend. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage’s payout ratio is currently 35.14%.

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.