Healthcare of Ontario Pension Plan Trust Fund Decreases Stock Holdings in Molson Coors Beverage Company $TAP

Key Points

• Healthcare of Ontario Pension Plan Trust Fund cut its Molson Coors stake by 98.8%, selling 890,054 shares and retaining 10,638 shares worth approximately $458,000. Institutional investors collectively own 78.46% of the company.
• Analyst sentiment is mixed but leans toward “Hold”: four analysts rate the stock Buy, 11 Hold and four Sell, with a consensus price target of $44 versus a recent price of $41.63.
• Molson Coors beat quarterly earnings expectations with $0.62 in EPS and $2.35 billion in revenue, while maintaining a quarterly dividend of $0.48 per share, equivalent to a 4.6% annualized yield.

Healthcare of Ontario Pension Plan Trust Fund lowered its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 98.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,638 shares of the company's stock after selling 890,054 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund's holdings in Molson Coors Beverage were worth $458,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Fairfax Financial Holdings Ltd. Can boosted its position in Molson Coors Beverage by 3.8% in the fourth quarter. Fairfax Financial Holdings Ltd. Can now owns 1,338,500 shares of the company's stock worth $62,495,000 after purchasing an additional 48,429 shares during the last quarter. Oak Thistle LLC bought a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $3,194,000. Delta Global Management LP bought a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $2,360,000. Jefferies Financial Group Inc. boosted its holdings in shares of Molson Coors Beverage by 187.9% in the fourth quarter. Jefferies Financial Group Inc. now owns 43,318 shares of the company's stock worth $2,022,000 after buying an additional 28,272 shares during the last quarter. Finally, Skylands Capital LLC grew 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 valued at $14,761,000 after buying an additional 94,475 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Molson Coors Beverage from $43.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 8th. Deutsche Bank Aktiengesellschaft set a $41.00 target price on Molson Coors Beverage in a report on Wednesday, July 22nd. Needham & Company LLC cut their price target on Molson Coors Beverage from $52.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 1st. Barclays reduced their price target on Molson Coors Beverage from $43.00 to $41.00 and set an "underweight" rating for the company in a research report on Friday, May 1st. Finally, BNP Paribas Exane lowered their price objective on Molson Coors Beverage from $36.00 to $35.00 and set an "underperform" rating on the stock in a research report on Wednesday, June 3rd. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and a consensus target price of $44.00.

Insiders Place Their Bets

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

Molson Coors Beverage Trading Up 0.2%

Shares of TAP stock opened at $41.63 on Monday. Molson Coors Beverage Company has a 52-week low of $38.04 and a 52-week high of $54.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The firm has a market capitalization of $7.81 billion, a PE ratio of -3.91 and a beta of 0.42. The stock has a fifty day simple moving average of $40.23 and a two-hundred day simple moving average of $43.87.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.62 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same period in the previous year, the business earned $0.50 earnings per share. The business's revenue was up 2.0% on a year-over-year basis. On average, analysts predict that Molson Coors Beverage Company will post 4.78 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 28th will be issued 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 4.6%. 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.

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.