Bank of Nova Scotia Cuts Stock Holdings in Molson Coors Beverage Company (NYSE:TAP)

Bank of Nova Scotia cut its holdings in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 22.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,775 shares of the company's stock after selling 5,284 shares during the quarter. Bank of Nova Scotia's holdings in Molson Coors Beverage were worth $1,143,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TAP. LSV Asset Management lifted its holdings in shares of Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock valued at $387,711,000 after purchasing an additional 86,601 shares in the last quarter. Bank of New York Mellon Corp raised its position in Molson Coors Beverage by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after buying an additional 595,203 shares during the last quarter. Invesco Ltd. lifted its stake in Molson Coors Beverage by 4.2% during the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after acquiring an additional 152,622 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Molson Coors Beverage by 12.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after acquiring an additional 422,515 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Molson Coors Beverage by 12.7% during the 4th quarter. Northern Trust Corp now owns 1,970,718 shares of the company's stock valued at $112,962,000 after acquiring an additional 221,539 shares during the last quarter. 78.46% of the stock is owned by institutional investors.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the sale, the director owned 27,595 shares in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is owned by insiders.

Molson Coors Beverage Price Performance

NYSE TAP opened at $49.38 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 12 month low of $46.94 and a 12 month high of $64.66. The stock has a market cap of $9.98 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 3.10 and a beta of 0.67. The company's 50 day moving average is $49.97 and its two-hundred day moving average is $55.17.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.12 billion. During the same period last year, the firm earned $1.92 EPS. The company's revenue was down 1.6% on a year-over-year basis. As a group, research analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's payout ratio is presently 37.83%.

Wall Street Analysts Forecast Growth

TAP has been the subject of several research reports. Piper Sandler decreased their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. Needham & Company LLC lowered their price target on Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a report on Wednesday. UBS Group dropped their price target on Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday. Wells Fargo & Company reduced their price objective on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a research report on Wednesday, June 25th. Finally, JPMorgan Chase & Co. dropped their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $58.12.

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.

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