Focus Partners Wealth Sells 15,592 Shares of Molson Coors Beverage (NYSE:TAP)

Focus Partners Wealth cut its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 55.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,344 shares of the company's stock after selling 15,592 shares during the quarter. Focus Partners Wealth's holdings in Molson Coors Beverage were worth $709,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Ethic Inc. lifted its holdings in Molson Coors Beverage by 17.0% during the fourth quarter. Ethic Inc. now owns 61,944 shares of the company's stock valued at $3,551,000 after purchasing an additional 9,023 shares during the last quarter. Estuary Capital Management LP purchased a new stake in Molson Coors Beverage during the fourth quarter valued at about $39,052,000. Fairfax Financial Holdings Ltd. Can purchased a new stake in Molson Coors Beverage during the fourth quarter valued at about $68,010,000. Clark Capital Management Group Inc. lifted its holdings in Molson Coors Beverage by 11.0% during the fourth quarter. Clark Capital Management Group Inc. now owns 492,334 shares of the company's stock valued at $28,221,000 after purchasing an additional 48,819 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after buying an additional 643 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TAP has been the subject of a number of analyst reports. JPMorgan Chase & Co. cut their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a research report on Thursday, January 30th. Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price objective for the company. UBS Group cut their price objective on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Finally, Needham & Company LLC cut their price objective on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage has a consensus rating of "Hold" and a consensus target price of $63.26.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction that occurred 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 transaction, the director now directly owns 27,595 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Price Performance

TAP traded down $0.27 on Friday, reaching $54.04. The company had a trading volume of 2,179,244 shares, compared to its average volume of 2,141,163. The business has a 50 day simple moving average of $58.24 and a 200 day simple moving average of $58.42. The company has a market cap of $10.93 billion, a price-to-earnings ratio of 10.10, a P/E/G ratio of 1.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 earnings per share. As a group, sell-side analysts anticipate that Molson Coors Beverage 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, June 20th. Shareholders of record on Friday, June 6th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

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.