Manning & Napier Advisors LLC Sells 16,899 Shares of Molson Coors Beverage Company (NYSE:TAP)

Manning & Napier Advisors LLC trimmed its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 54.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,167 shares of the company's stock after selling 16,899 shares during the period. Manning & Napier Advisors LLC's holdings in Molson Coors Beverage were worth $862,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Autumn Glory Partners LLC bought a new stake in Molson Coors Beverage in the 1st quarter valued at approximately $264,000. Institute for Wealth Management LLC. bought a new stake in shares of Molson Coors Beverage in the first quarter worth $206,000. State of Alaska Department of Revenue boosted its holdings in Molson Coors Beverage by 281.9% during the first quarter. State of Alaska Department of Revenue now owns 76,073 shares of the company's stock worth $4,629,000 after purchasing an additional 56,155 shares during the last quarter. CWA Asset Management Group LLC acquired a new position in Molson Coors Beverage during the first quarter worth $3,142,000. Finally, Clarius Group LLC bought a new position in Molson Coors Beverage in the first quarter valued at $446,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director now directly owns 27,595 shares of the company's stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Performance

Shares of TAP traded up $0.20 during mid-day trading on Tuesday, hitting $48.25. 2,822,210 shares of the company's stock were exchanged, compared to its average volume of 2,120,898. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of 9.71, a price-to-earnings-growth ratio of 1.79 and a beta of 0.72. The stock's 50-day simple moving average is $54.60 and its 200-day simple moving average is $56.98. Molson Coors Beverage Company has a 52 week low of $47.41 and a 52 week 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 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 company 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 posted $0.95 earnings per share. The business's revenue was down 11.3% compared to the same quarter last year. On average, equities research analysts expect that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders 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 annualized dividend and a yield of 3.90%. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Analysts Set New Price Targets

TAP has been the subject of a number of recent research reports. UBS Group reduced 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. Barclays decreased their price target on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Piper Sandler dropped their price objective on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday. Needham & Company LLC decreased their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Finally, Wall Street Zen downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage has an average rating of "Hold" and an average target price of $62.86.

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.