Manning & Napier Advisors LLC Sells 19,015 Shares of Molson Coors Beverage (NYSE:TAP)

Manning & Napier Advisors LLC lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 38.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 31,066 shares of the company’s stock after selling 19,015 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Molson Coors Beverage were worth $1,781,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TAP. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $48,202,000. State Street Corp raised its stake in Molson Coors Beverage by 8.4% in the 3rd 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 last quarter. Randolph Co Inc purchased a new position in Molson Coors Beverage in the 3rd quarter worth $21,754,000. Invenomic Capital Management LP raised its stake 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 worth $29,875,000 after acquiring an additional 294,596 shares during the last quarter. Finally, AustralianSuper Pty Ltd raised its stake in Molson Coors Beverage by 149.1% in the 3rd quarter. AustralianSuper Pty Ltd now owns 376,424 shares of the company’s stock worth $21,652,000 after acquiring an additional 225,296 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the subject of a number of research analyst reports. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday. Needham & Company LLC began coverage on Molson Coors Beverage in a research report on Friday, December 6th. They set a “buy” rating and a $72.00 price target on the stock. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Finally, Barclays dropped their target price on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $61.64.

Molson Coors Beverage Trading Up 0.6 %

TAP stock opened at $55.26 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The business’s 50-day moving average is $57.94 and its 200 day moving average is $56.18. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The stock has a market cap of $11.38 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 2.04 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the company posted $1.92 EPS. The business’s revenue was down 7.8% on a year-over-year basis. On average, sell-side analysts anticipate that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is 39.64%.

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.