Teacher Retirement System of Texas Sells 13,434 Shares of Molson Coors Beverage Company (NYSE:TAP)

Teacher Retirement System of Texas trimmed its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 33.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 26,426 shares of the company's stock after selling 13,434 shares during the period. Teacher Retirement System of Texas' holdings in Molson Coors Beverage were worth $1,609,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock valued at $245,308,000 after buying an additional 54,867 shares during the last quarter. Invesco Ltd. boosted its position in 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 during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 during the last quarter. Norges Bank bought a new position in Molson Coors Beverage in the 4th quarter valued at $142,407,000. Finally, Northern Trust Corp boosted its position in Molson Coors Beverage by 12.7% in the 4th quarter. Northern Trust Corp now owns 1,970,718 shares of the company's stock valued at $112,962,000 after buying an additional 221,539 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Berenberg Bank assumed coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target on the stock. Wells Fargo & Company reduced their price target on 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. Piper Sandler reduced their price target 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. Finally, Bank of America lowered Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $65.00 to $50.00 in a research report on Friday, June 27th. 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, Molson Coors Beverage has an average rating of "Hold" and an average price target of $60.12.

Molson Coors Beverage Trading Up 0.5%

TAP stock traded up $0.23 during midday trading on Friday, hitting $50.04. 1,782,019 shares of the company's stock were exchanged, compared to its average volume of 2,152,772. The stock's fifty day moving average price is $52.02 and its 200-day moving average price is $55.95. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The company has a market cap of $10.12 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 2.75 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (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 during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the business earned $0.95 EPS. The business's revenue for the quarter was down 11.3% compared to the same quarter last year. Research analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a dividend of $0.47 per share. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a dividend yield of 3.76%. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Insider Activity at Molson Coors Beverage

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 sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.71% of the stock is currently owned by corporate insiders.

About Molson Coors Beverage

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.