Keybank National Association OH Decreases Stock Position in Molson Coors Beverage Company (NYSE:TAP)

Keybank National Association OH lessened its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 24.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,077 shares of the company's stock after selling 16,859 shares during the quarter. Keybank National Association OH's holdings in Molson Coors Beverage were worth $3,170,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its position in shares of Molson Coors Beverage by 1.3% in the fourth 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 in the last quarter. Invesco Ltd. increased its holdings in shares of Molson Coors Beverage by 4.2% in the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after purchasing an additional 152,622 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Molson Coors Beverage by 12.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after purchasing an additional 422,515 shares during the last quarter. Norges Bank acquired a new stake in shares of Molson Coors Beverage in the fourth quarter valued at approximately $142,407,000. Finally, Northern Trust Corp increased its holdings in shares of Molson Coors Beverage by 12.7% in the fourth quarter. Northern Trust Corp now owns 1,970,718 shares of the company's stock valued at $112,962,000 after purchasing an additional 221,539 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

TAP has been the subject of several recent research reports. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Needham & Company LLC cut their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a report on Monday, May 12th. Berenberg Bank initiated coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target for the company. Barclays cut their price target on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. Finally, Piper Sandler cut their target price on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research note on Monday, June 23rd. Twelve investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $60.46.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director directly owned 27,595 shares in the company, 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Trading Up 0.8%

Shares of NYSE TAP traded up $0.39 during trading on Tuesday, reaching $49.39. The stock had a trading volume of 2,429,366 shares, compared to its average volume of 2,149,757. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The business's 50-day moving average price is $52.48 and its 200-day moving average price is $56.11. The company has a market cap of $9.99 billion, a P/E ratio of 9.94, a PEG ratio of 2.69 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The company's quarterly revenue was down 11.3% compared to the same quarter last year. On average, equities research analysts predict that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.47 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.81%. Molson Coors Beverage's payout ratio 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.