TD Asset Management Inc Sells 38,621 Shares of Molson Coors Beverage Company (NYSE:TAP)

Key Points

• TD Asset Management Inc reduced its stake in Molson Coors Beverage Company by 42.7% during the first quarter, now holding 51,793 shares valued at approximately $3.15 million.
• Several hedge funds have increased their positions in Molson Coors, with notable growth from Bank of New York Mellon Corp, which raised its holdings by 16.8%, now owning over 4.1 million shares.
• Molson Coors' stock is currently rated as a "Hold" by analysts, with a consensus price target of $58.87, after several firms revised their price objectives downwards.

TD Asset Management Inc decreased its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 42.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,793 shares of the company's stock after selling 38,621 shares during the quarter. TD Asset Management Inc's holdings in Molson Coors Beverage were worth $3,153,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TAP. Randolph Co Inc increased its stake in shares of Molson Coors Beverage by 26.2% in the 4th quarter. Randolph Co Inc now owns 477,187 shares of the company's stock valued at $27,352,000 after buying an additional 98,984 shares during the period. Principal Financial Group Inc. increased its stake in shares of Molson Coors Beverage by 14.7% in the 1st quarter. Principal Financial Group Inc. now owns 238,178 shares of the company's stock valued at $14,498,000 after buying an additional 30,463 shares during the period. Kendall Capital Management increased its stake in shares of Molson Coors Beverage by 42.7% in the 1st quarter. Kendall Capital Management now owns 19,995 shares of the company's stock valued at $1,217,000 after buying an additional 5,985 shares during the period. Estuary Capital Management LP acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at $39,052,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Molson Coors Beverage by 7.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,330 shares of the company's stock valued at $1,352,000 after buying an additional 1,606 shares during the period. Institutional investors own 78.46% of the company's stock.

Analysts Set New Price Targets

Several research analysts have weighed in on TAP shares. JPMorgan Chase & Co. reduced their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday. Sanford C. Bernstein lowered their price target on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating for the company in a report on Wednesday, July 9th. Wells Fargo & Company cut their price target on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 25th. Barclays dropped their price target on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Finally, Citigroup decreased their price target on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Twelve investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Molson Coors Beverage presently has an average rating of "Hold" and an average price target of $58.87.

Molson Coors Beverage Trading Down 1.0%

Molson Coors Beverage stock traded down $0.50 during mid-day trading on Friday, hitting $48.22. The company's stock had a trading volume of 3,089,493 shares, compared to its average volume of 2,290,736. The business has a 50 day moving average price of $50.32 and a 200-day moving average price of $55.33. Molson Coors Beverage Company has a 12 month low of $46.94 and a 12 month high of $64.66. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 9.70, a price-to-earnings-growth ratio of 2.92 and a beta of 0.67. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The company's revenue was down 11.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.95 EPS. As a group, analysts forecast 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 will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction 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 completion of the transaction, the director directly owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.71% of the stock is owned by insiders.

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.