Resona Asset Management Co. Ltd. Sells 54,018 Shares of Molson Coors Beverage Company $TAP

Key Points

• Resona Asset Management cut its stake in Molson Coors Beverage by 96% in the fourth quarter, selling 54,018 shares and leaving it with 2,253 shares worth about $105,000.
• Other institutional investors remain heavily involved in TAP, with 78.46% of the stock owned by institutions; several large firms such as Dodge & Cox and State Street increased their holdings.
• Molson Coors reported better-than-expected quarterly results, including EPS of $0.62 versus $0.36 expected, and declared a quarterly dividend of $0.48 per share for a 4.5% annualized yield.

Resona Asset Management Co. Ltd. trimmed its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 96.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,253 shares of the company's stock after selling 54,018 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Molson Coors Beverage were worth $105,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Dodge & Cox lifted its holdings in shares of Molson Coors Beverage by 29.4% during the 3rd quarter. Dodge & Cox now owns 18,631,224 shares of the company's stock valued at $843,063,000 after buying an additional 4,235,029 shares during the period. State Street Corp increased its stake in shares of Molson Coors Beverage by 19.2% in the 3rd quarter. State Street Corp now owns 10,516,810 shares of the company's stock worth $475,886,000 after purchasing an additional 1,693,682 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Molson Coors Beverage by 22.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,425,043 shares of the company's stock worth $290,741,000 after purchasing an additional 1,195,249 shares in the last quarter. Royal London Asset Management Ltd. increased its stake in shares of Molson Coors Beverage by 317.9% in the 2nd quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company's stock worth $98,297,000 after purchasing an additional 1,554,851 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Molson Coors Beverage by 21.2% in the 3rd quarter. Schroder Investment Management Group now owns 1,947,454 shares of the company's stock worth $88,122,000 after purchasing an additional 340,433 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director owned 9,871 shares in the company, valued at approximately $419,517.50. This represents a 11.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrew Thomas Molson purchased 2,000 shares of the business's stock in a transaction on Monday, March 9th. The stock was acquired at an average price of $46.67 per share, with a total value of $93,340.00. Following the purchase, the director directly owned 24,654 shares in the company, valued at $1,150,602.18. This represents a 8.83% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 2.27% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on TAP. TD Cowen reduced their price objective on Molson Coors Beverage from $47.00 to $43.00 and set a "hold" rating for the company in a research note on Friday, February 20th. Roth Mkm set a $58.00 price objective on Molson Coors Beverage in a research note on Thursday, February 19th. Wells Fargo & Company reduced their price objective on Molson Coors Beverage from $45.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $42.00 price objective on shares of Molson Coors Beverage in a research note on Friday, May 1st. Finally, Piper Sandler reduced their price objective on Molson Coors Beverage from $50.00 to $45.00 and set a "neutral" rating for the company in a research note on Thursday, February 19th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $45.59.

Molson Coors Beverage Trading Down 0.1%

Shares of TAP stock opened at $42.52 on Monday. Molson Coors Beverage Company has a 52-week low of $40.64 and a 52-week high of $54.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The firm has a market capitalization of $7.97 billion, a PE ratio of -4.00 and a beta of 0.44. The stock has a fifty day simple moving average of $42.85 and a two-hundred day simple moving average of $46.08.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.26. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same quarter in the prior year, the business posted $0.50 EPS. Molson Coors Beverage's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, analysts predict that Molson Coors Beverage Company will post 4.74 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date is Friday, May 29th. Molson Coors Beverage's dividend payout ratio is presently -18.05%.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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