Allianz Asset Management GmbH Cuts Stock Holdings in Molson Coors Beverage Company (NYSE:TAP)

Allianz Asset Management GmbH reduced its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 66.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,900 shares of the company's stock after selling 176,200 shares during the period. Allianz Asset Management GmbH's holdings in Molson Coors Beverage were worth $5,350,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of TAP. American Century Companies Inc. grew its position in shares of Molson Coors Beverage by 70.1% in the fourth quarter. American Century Companies Inc. now owns 150,828 shares of the company's stock valued at $8,645,000 after purchasing an additional 62,159 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Molson Coors Beverage by 13.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 284,883 shares of the company's stock valued at $15,745,000 after purchasing an additional 34,268 shares in the last quarter. Elo Mutual Pension Insurance Co grew its position in shares of Molson Coors Beverage by 28.1% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 21,027 shares of the company's stock valued at $1,205,000 after purchasing an additional 4,612 shares in the last quarter. UniSuper Management Pty Ltd grew its position in shares of Molson Coors Beverage by 1.7% in the fourth quarter. UniSuper Management Pty Ltd now owns 31,202 shares of the company's stock valued at $1,788,000 after purchasing an additional 526 shares in the last quarter. Finally, NEOS Investment Management LLC grew its position in shares of Molson Coors Beverage by 25.6% in the fourth quarter. NEOS Investment Management LLC now owns 6,075 shares of the company's stock valued at $348,000 after purchasing an additional 1,238 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Down 2.5%

Shares of TAP opened at $49.90 on Tuesday. The stock has a fifty day moving average of $50.80 and a two-hundred day moving average of $55.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The company has a market capitalization of $10.09 billion, a PE ratio of 10.04, a price-to-earnings-growth ratio of 2.84 and a beta of 0.69. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The company's revenue was down 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.95 earnings per share. As a group, analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a yield of 3.77%. Molson Coors Beverage's dividend payout ratio (DPR) is 37.83%.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of research analyst reports. Needham & Company LLC cut their target price on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Barclays dropped their price target on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Wells Fargo & Company dropped their price target on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 25th. Berenberg Bank assumed coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target on the stock. Finally, Citigroup dropped their price target on Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of "Hold" and an average target price of $59.26.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the sale, the director directly owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.71% of the company's stock.

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.

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