Illinois Municipal Retirement Fund Lowers Stock Holdings in Molson Coors Beverage Company (NYSE:TAP)

Illinois Municipal Retirement Fund trimmed its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,478 shares of the company's stock after selling 15,572 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.10% of Molson Coors Beverage worth $12,507,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC increased its stake in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after buying an additional 290 shares in the last quarter. Financial Management Professionals Inc. raised its stake in Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after purchasing an additional 493 shares during the last quarter. Truvestments Capital LLC grew its holdings in shares of Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock worth $34,000 after buying an additional 202 shares in the last quarter. CoreCap Advisors LLC raised its position in shares of Molson Coors Beverage by 10,716.7% in 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 last quarter. Finally, First Financial Corp IN acquired a new stake in shares of Molson Coors Beverage in the first quarter valued at about $37,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TAP. Morgan Stanley lowered their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Piper Sandler dropped their target price on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. Bank of America lowered Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $65.00 to $50.00 in a report on Friday. Finally, UBS Group dropped 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 report on Friday, May 9th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $60.46.

Insider Activity at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director owned 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Stock Up 2.0%

Shares of TAP stock traded up $0.96 during trading hours on Tuesday, reaching $49.05. 2,041,466 shares of the stock were exchanged, compared to its average volume of 2,137,210. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66. The business's fifty day moving average is $53.49 and its two-hundred day moving average is $56.50. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The firm has a market capitalization of $9.92 billion, a P/E ratio of 9.86, a P/E/G ratio of 1.78 and a beta of 0.72.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly 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). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. The firm's quarterly revenue was down 11.3% on a year-over-year basis. As a group, research analysts expect that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.83%. Molson Coors Beverage's payout ratio is currently 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.