Keybank National Association OH Sells 16,859 Shares of Molson Coors Beverage Company (NYSE:TAP)

Keybank National Association OH trimmed its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 24.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,077 shares of the company's stock after selling 16,859 shares during the period. Keybank National Association OH's holdings in Molson Coors Beverage were worth $3,170,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. US Bancorp DE increased its stake in Molson Coors Beverage by 103.9% in the 4th quarter. US Bancorp DE now owns 19,285 shares of the company's stock worth $1,106,000 after buying an additional 9,825 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Molson Coors Beverage by 463.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,593 shares of the company's stock worth $147,000 after buying an additional 2,133 shares in the last quarter. SRS Capital Advisors Inc. increased its stake in Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock worth $42,000 after buying an additional 203 shares in the last quarter. Schechter Investment Advisors LLC bought a new stake in Molson Coors Beverage in the 4th quarter valued at $203,000. Finally, State of Michigan Retirement System increased its holdings in Molson Coors Beverage by 6.7% in the 4th quarter. State of Michigan Retirement System now owns 65,670 shares of the company's stock valued at $3,764,000 after acquiring an additional 4,100 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Bank of America downgraded shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $65.00 to $50.00 in a report on Friday, June 27th. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective for the company. 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. Morgan Stanley dropped their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Finally, Piper Sandler dropped their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. Twelve equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and a consensus target price of $60.46.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction dated 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 directly owned 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was 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 the SEC website. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Trading Down 0.4%

Shares of Molson Coors Beverage stock opened at $49.37 on Friday. Molson Coors Beverage Company has a 1 year low of $46.94 and a 1 year high of $64.66. 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 fifty day moving average price of $52.78 and a 200 day moving average price of $56.26. The stock has a market cap of $9.98 billion, a PE ratio of 9.93, a price-to-earnings-growth ratio of 2.72 and a beta of 0.69.

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 (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter last year, the business earned $0.95 EPS. The firm's revenue for the quarter was down 11.3% compared to the same quarter last year. Equities research analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given 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 3.81%. 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.

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