Illinois Municipal Retirement Fund Sells 15,572 Shares of Molson Coors Beverage Company (NYSE:TAP)

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

Several other large investors also recently modified their holdings of the stock. Golden State Wealth Management LLC grew its stake in Molson Coors Beverage by 230.2% in the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after buying an additional 290 shares during the last quarter. Financial Management Professionals Inc. grew its position in shares of Molson Coors Beverage by 3,286.7% in the first 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 position in shares of Molson Coors Beverage by 51.4% in the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares during the last quarter. CoreCap Advisors LLC increased its stake 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 worth $37,000 after purchasing an additional 643 shares during the period. Finally, First Financial Corp IN acquired a new stake in Molson Coors Beverage during the 1st quarter worth approximately $37,000. 78.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TAP has been the topic of a number of research reports. Piper Sandler decreased their price objective on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a report on Monday, June 23rd. Barclays reduced their target price on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. 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 research note on Friday, May 9th. Roth Capital set a $71.00 price objective on shares of Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Berenberg Bank began coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 target price on the stock. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $60.46.

Molson Coors Beverage Price Performance

Shares of NYSE TAP traded up $0.24 during trading hours on Friday, hitting $47.48. 3,321,802 shares of the stock were exchanged, compared to its average volume of 2,130,823. The company's fifty day simple moving average is $53.69 and its two-hundred day simple moving average is $56.65. The company has a market cap of $9.60 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 1.76 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. Molson Coors Beverage Company has a 1-year low of $46.94 and a 1-year high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the company earned $0.95 earnings per share. The firm's revenue for the quarter was down 11.3% on a year-over-year basis. On average, sell-side analysts predict that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 3.96%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director now owns 27,595 shares of the company's stock, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company 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.