Prudential PLC Has $2.60 Million Stock Holdings in Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Prudential PLC has reduced its stake in Molson Coors Beverage Company by 26.5%, holding 42,629 shares valued at approximately $2.6 million after selling 15,393 shares in the first quarter.
• Analyst ratings for Molson Coors have seen multiple reductions, with Citigroup and Goldman Sachs lowering their target prices, contributing to a current consensus rating of "Hold" and an average price target of approximately $58.12.
• The company recently declared a quarterly dividend of $0.47 per share, with a yield of 3.7%, indicating a stable return for shareholders amid fluctuating stock performance.

Prudential PLC cut its holdings in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 26.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,629 shares of the company's stock after selling 15,393 shares during the quarter. Prudential PLC's holdings in Molson Coors Beverage were worth $2,595,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of TAP. Golden State Wealth Management LLC raised its stake in Molson Coors Beverage by 230.2% during the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after purchasing an additional 290 shares during the period. Millstone Evans Group LLC raised its stake in Molson Coors Beverage by 151.8% during the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after purchasing an additional 255 shares during the period. Financial Management Professionals Inc. raised its stake in Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after purchasing an additional 493 shares during the period. Eastern Bank purchased a new position in Molson Coors Beverage during the first quarter worth approximately $33,000. Finally, First Financial Corp IN purchased a new position in Molson Coors Beverage during the first quarter worth approximately $37,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,333 shares of the 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 completion of the sale, the director owned 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP traded up $0.19 during trading hours on Friday, hitting $51.42. 1,514,086 shares of the stock were exchanged, compared to its average volume of 2,850,004. The firm has a market capitalization of $10.40 billion, a P/E ratio of 10.14, a P/E/G ratio of 1.87 and a beta of 0.67. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The company's 50 day moving average is $49.78 and its 200 day moving average is $54.99. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.67.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.83 by $0.22. The company had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.12 billion. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The business's revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.92 EPS. On average, 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 announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.7%. Molson Coors Beverage's dividend payout ratio (DPR) is 37.08%.

Analyst Ratings Changes

A number of equities analysts have recently commented on TAP shares. Barclays cut their target price on shares of Molson Coors Beverage from $53.00 to $49.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Sanford C. Bernstein cut their target price on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 9th. Needham & Company LLC cut their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, Piper Sandler cut their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, June 23rd. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $58.12.

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.