California Public Employees Retirement System Lowers Stake in Molson Coors Beverage (NYSE:TAP)

California Public Employees Retirement System decreased its position in shares of Molson Coors Beverage (NYSE:TAP) by 0.5% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 823,897 shares of the company’s stock after selling 3,818 shares during the period. California Public Employees Retirement System owned 0.40% of Molson Coors Beverage worth $47,226,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. FMR LLC grew its position in shares of Molson Coors Beverage by 23.2% in the third quarter. FMR LLC now owns 716,311 shares of the company’s stock valued at $41,202,000 after purchasing an additional 134,689 shares during the period. Captrust Financial Advisors grew its holdings in Molson Coors Beverage by 25.4% in the 3rd quarter. Captrust Financial Advisors now owns 32,090 shares of the company’s stock valued at $1,846,000 after buying an additional 6,503 shares during the period. Verition Fund Management LLC increased its stake in shares of Molson Coors Beverage by 927.7% during the 3rd quarter. Verition Fund Management LLC now owns 79,617 shares of the company’s stock valued at $4,580,000 after acquiring an additional 71,870 shares during the last quarter. Paloma Partners Management Co lifted its holdings in shares of Molson Coors Beverage by 116.1% during the 3rd quarter. Paloma Partners Management Co now owns 11,060 shares of the company’s stock worth $636,000 after acquiring an additional 5,942 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in shares of Molson Coors Beverage by 7,317.3% in the third quarter. Benjamin Edwards Inc. now owns 15,873 shares of the company’s stock worth $913,000 after acquiring an additional 15,659 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday, February 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 target price on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Morgan Stanley boosted their price target on Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research report on Friday, February 14th. Barclays cut their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Finally, Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $63.60.

Molson Coors Beverage Trading Up 0.7 %

TAP opened at $61.28 on Wednesday. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The stock has a market capitalization of $12.42 billion, a PE ratio of 11.45, a P/E/G ratio of 1.52 and a beta of 0.81. The firm’s fifty day moving average price is $58.33 and its 200 day moving average price is $57.81.

Molson Coors Beverage (NYSE:TAP) last issued its 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. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. As a group, research analysts expect that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently announced 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 was Thursday, February 27th. This represents a $1.88 annualized dividend and a dividend yield of 3.07%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 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.