California Public Employees Retirement System Has $53.64 Million Stake in Molson Coors Beverage Company $TAP

Key Points

• CalPERS trimmed its Molson Coors stake by 5.8% in the first quarter, selling 76,678 shares and leaving it with 1,245,785 shares worth about $53.64 million at quarter-end.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 78.46% of the stock; several investors, including Fairfax Financial and Healthcare of Ontario Pension Plan Trust Fund, also added to positions recently.
• Molson Coors reported mixed fundamentals: quarterly EPS beat estimates at $0.62 versus $0.36 expected, but analysts remain cautious overall with a consensus “Hold” rating and an average price target of $44.06.

California Public Employees Retirement System reduced its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 5.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,245,785 shares of the company's stock after selling 76,678 shares during the period. California Public Employees Retirement System owned 0.66% of Molson Coors Beverage worth $53,644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TAP. Oak Thistle LLC acquired a new position in shares of Molson Coors Beverage during the fourth quarter valued at about $3,194,000. Delta Global Management LP bought a new stake in Molson Coors Beverage in the 4th quarter valued at about $2,360,000. Jefferies Financial Group Inc. increased its position in Molson Coors Beverage by 187.9% in the 4th quarter. Jefferies Financial Group Inc. now owns 43,318 shares of the company's stock valued at $2,022,000 after buying an additional 28,272 shares in the last quarter. Fairfax Financial Holdings Ltd. Can raised its stake in Molson Coors Beverage by 3.8% during the 4th quarter. Fairfax Financial Holdings Ltd. Can now owns 1,338,500 shares of the company's stock worth $62,495,000 after buying an additional 48,429 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Molson Coors Beverage by 13,331.1% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 900,692 shares of the company's stock worth $42,044,000 after buying an additional 893,986 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,245 shares of the company's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director owned 9,871 shares in the company, valued at $419,517.50. This represents a 11.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.27% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TAP has been the subject of a number of research reports. Weiss Ratings reissued a "sell (d)" rating on shares of Molson Coors Beverage in a research note on Wednesday, June 24th. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. UBS Group cut their target price on Molson Coors Beverage from $46.00 to $40.00 and set a "neutral" rating on the stock in a report on Thursday. Morgan Stanley reduced their price target on shares of Molson Coors Beverage from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, May 4th. Finally, The Goldman Sachs Group boosted their price target on shares of Molson Coors Beverage from $48.00 to $50.00 in a research note on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $44.06.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $41.62 on Tuesday. Molson Coors Beverage Company has a 52 week low of $38.04 and a 52 week high of $54.82. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average price of $40.29 and a 200-day moving average price of $44.23. The company has a market cap of $7.81 billion, a PE ratio of -3.91 and a beta of 0.42.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The company had revenue of $2.35 billion for the quarter, compared to analysts' expectations of $2.33 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. Molson Coors Beverage's quarterly revenue was up 2.0% on a year-over-year basis. Equities analysts anticipate that Molson Coors Beverage Company will post 4.8 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 28th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Friday, August 28th. Molson Coors Beverage's payout ratio is currently -18.05%.

Molson Coors Beverage Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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