California State Teachers Retirement System Sells 68,296 Shares of Molson Coors Beverage (NYSE:TAP)

California State Teachers Retirement System lowered its position in Molson Coors Beverage (NYSE:TAP - Free Report) by 23.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 218,781 shares of the company's stock after selling 68,296 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Molson Coors Beverage worth $12,541,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of TAP. Geode Capital Management LLC lifted its stake in Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock valued at $245,308,000 after acquiring an additional 54,867 shares during the period. Invesco Ltd. grew its holdings in shares of Molson Coors Beverage by 4.2% during the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock worth $217,200,000 after buying an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Molson Coors Beverage by 12.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock worth $215,146,000 after buying an additional 422,515 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock valued at $202,661,000 after purchasing an additional 434,250 shares during the period. Finally, Norges Bank purchased a new stake in shares of Molson Coors Beverage in the fourth quarter valued at about $142,407,000. Hedge funds and other institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Barclays decreased their target price on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research report on Monday, May 12th. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective for the company. Morgan Stanley lowered their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Finally, Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Eleven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $63.26.

Molson Coors Beverage Stock Up 0.3%

Shares of NYSE:TAP traded up $0.18 during midday trading on Wednesday, hitting $52.95. 654,111 shares of the company's stock were exchanged, compared to its average volume of 2,132,408. 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 50 day moving average price of $57.41 and a 200-day moving average price of $58.04. The company has a market cap of $10.71 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the business posted $0.95 EPS. The company's quarterly revenue was down 11.3% on a year-over-year basis. On average, sell-side analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Friday, June 6th. Molson Coors Beverage's payout ratio is 37.83%.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director now owns 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.71% of the company's stock.

About Molson Coors Beverage

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.