California State Teachers Retirement System Raises Holdings in Molson Coors Beverage Company $TAP

Key Points

• California State Teachers Retirement System increased its Molson Coors stake by 20.7% in the first quarter, adding 33,788 shares to own 196,884 shares valued at approximately $8.48 million. Institutional investors collectively hold 78.46% of the company.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $44.00 after several firms reduced their targets.
• Molson Coors declared a quarterly dividend of $0.48 per share, equivalent to $1.92 annually and a 4.5% yield; the stock recently opened at $42.23.

California State Teachers Retirement System increased its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 196,884 shares of the company's stock after purchasing an additional 33,788 shares during the period. California State Teachers Retirement System owned 0.10% of Molson Coors Beverage worth $8,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of TAP. Fairfax Financial Holdings Ltd. Can boosted its holdings in Molson Coors Beverage by 3.8% during the fourth 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 in the last quarter. Oak Thistle LLC acquired a new position in Molson Coors Beverage in the 4th quarter worth about $3,194,000. Delta Global Management LP acquired a new position in Molson Coors Beverage in the 4th quarter worth about $2,360,000. Jefferies Financial Group Inc. boosted its position in Molson Coors Beverage by 187.9% during the fourth quarter. Jefferies Financial Group Inc. now owns 43,318 shares of the company's stock worth $2,022,000 after purchasing an additional 28,272 shares in the last quarter. Finally, Skylands Capital LLC boosted its position in Molson Coors Beverage by 38.0% during the first quarter. Skylands Capital LLC now owns 342,800 shares of the company's stock worth $14,761,000 after purchasing an additional 94,475 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the sale, the director owned 9,871 shares in the company, valued at approximately $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TAP shares. Morgan Stanley decreased their target price on Molson Coors Beverage from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, May 4th. BNP Paribas Exane decreased their price objective on shares of Molson Coors Beverage from $36.00 to $35.00 and set an "underperform" rating on the stock in a report on Wednesday, June 3rd. JPMorgan Chase & Co. cut their target price on shares of Molson Coors Beverage from $45.00 to $43.00 and set a "neutral" rating for the company in a research note on Monday, April 27th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Sunday, May 17th. Finally, Evercore decreased their target price on Molson Coors Beverage from $50.00 to $47.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 21st. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $44.00.

Molson Coors Beverage Stock Up 0.7%

NYSE:TAP opened at $42.23 on Wednesday. The stock's fifty day moving average is $40.23 and its two-hundred day moving average is $43.76. Molson Coors Beverage Company has a 52 week low of $38.04 and a 52 week high of $54.82. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of -3.97 and a beta of 0.42. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 28th will be given a $0.48 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.92 dividend on an annualized basis and a yield of 4.5%. Molson Coors Beverage's payout ratio is -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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source