Molson Coors Beverage Company (NYSE:TAP) Stake Cut by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 23.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 414,999 shares of the company's stock after selling 130,438 shares during the quarter. Victory Capital Management Inc. owned approximately 0.20% of Molson Coors Beverage worth $25,261,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TAP. Geode Capital Management LLC raised its holdings in Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock worth $245,308,000 after buying an additional 54,867 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Molson Coors Beverage by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock valued at $251,442,000 after buying an additional 595,203 shares in the last quarter. Invesco Ltd. grew its stake in shares of Molson Coors Beverage by 4.2% in the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after buying an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after buying an additional 422,515 shares in the last quarter. Finally, Norges Bank bought a new stake in Molson Coors Beverage during the fourth quarter worth approximately $142,407,000. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $49.96 on Tuesday. Molson Coors Beverage Company has a one year low of $46.94 and a one year 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 firm has a market cap of $10.10 billion, a price-to-earnings ratio of 10.05, a PEG ratio of 2.77 and a beta of 0.69. The firm's fifty day moving average is $51.39 and its two-hundred day moving average is $55.65.

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

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 annualized dividend and a yield of 3.76%. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on TAP shares. Berenberg Bank started coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective for the company. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the company a "buy" rating in a report 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 on the stock in a research report on Monday, June 23rd. Citigroup lowered their price target on Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 15th. Finally, Wells Fargo & Company decreased their target price on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $59.26.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction 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 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 document filed with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage 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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