Teacher Retirement System of Texas Lowers Stake in Molson Coors Beverage Company (NYSE:TAP)

Teacher Retirement System of Texas lowered its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 33.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,426 shares of the company's stock after selling 13,434 shares during the quarter. Teacher Retirement System of Texas' holdings in Molson Coors Beverage were worth $1,609,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TAP. Randolph Co Inc raised its stake in Molson Coors Beverage by 26.2% in the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company's stock valued at $27,352,000 after purchasing an additional 98,984 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Molson Coors Beverage by 123.3% in the 4th quarter. HighTower Advisors LLC now owns 18,258 shares of the company's stock valued at $1,047,000 after purchasing an additional 10,080 shares during the last quarter. Kendall Capital Management raised its holdings in shares of Molson Coors Beverage by 42.7% during the 1st quarter. Kendall Capital Management now owns 19,995 shares of the company's stock worth $1,217,000 after buying an additional 5,985 shares in the last quarter. Estuary Capital Management LP bought a new stake in shares of Molson Coors Beverage during the 4th quarter worth $39,052,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Molson Coors Beverage by 7.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,330 shares of the company's stock worth $1,352,000 after buying an additional 1,606 shares during the last quarter. Institutional investors own 78.46% of the company's stock.

Insider Activity at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director owned 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Trading Down 0.8%

Shares of NYSE:TAP traded down $0.41 during mid-day trading on Tuesday, hitting $49.06. The company had a trading volume of 997,904 shares, compared to its average volume of 2,147,551. 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 current ratio of 0.89 and a quick ratio of 0.59. The company has a market capitalization of $9.92 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 2.77 and a beta of 0.69. The firm has a fifty day moving average price of $52.02 and a 200 day moving average price of $55.91.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released 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). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the firm earned $0.95 EPS. The company's revenue was down 11.3% compared to the same quarter last year. As a group, research analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage's dividend payout ratio is 37.83%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TAP. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price target for the company. Wells Fargo & Company cut their price objective 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. UBS Group dropped their target price on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Finally, Morgan Stanley reduced their price target on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Thirteen research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $60.12.

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.