Vanguard Group Inc. Sells 381,506 Shares of Molson Coors Beverage Company (NYSE:TAP)

Vanguard Group Inc. cut its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 1.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,116,796 shares of the company's stock after selling 381,506 shares during the quarter. Vanguard Group Inc. owned about 10.42% of Molson Coors Beverage worth $1,285,379,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TAP. DoubleLine ETF Adviser LP lifted its position in Molson Coors Beverage by 1.7% in the fourth quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock worth $590,000 after purchasing an additional 170 shares during the period. Twin Capital Management Inc. lifted its position in Molson Coors Beverage by 0.7% in the first quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock worth $1,509,000 after purchasing an additional 180 shares during the period. ProShare Advisors LLC lifted its position in Molson Coors Beverage by 0.4% in the fourth quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock worth $2,809,000 after purchasing an additional 206 shares during the period. Forum Financial Management LP increased its holdings in shares of Molson Coors Beverage by 4.4% in the fourth quarter. Forum Financial Management LP now owns 5,210 shares of the company's stock valued at $299,000 after buying an additional 220 shares in the last quarter. Finally, TD Waterhouse Canada Inc. increased its holdings in shares of Molson Coors Beverage by 3.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 7,014 shares of the company's stock valued at $402,000 after buying an additional 249 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Down 0.8%

NYSE:TAP traded down $0.44 during trading hours on Thursday, reaching $51.28. The company's stock had a trading volume of 1,266,924 shares, compared to its average volume of 2,479,085. The company has a market cap of $10.37 billion, a price-to-earnings ratio of 10.11, a price-to-earnings-growth ratio of 1.86 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 business's 50-day moving average is $49.81 and its 200-day moving average is $55.06. 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 issued its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.83 by $0.22. The firm 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%. Molson Coors Beverage's revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $1.92 earnings per share. Equities research analysts predict that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's dividend payout ratio is 37.08%.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the company's 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 directly owned 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is owned by company insiders.

Analysts Set New Price Targets

TAP has been the topic of several research reports. The Goldman Sachs Group dropped their price target on Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Piper Sandler lowered their price objective on shares of 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, Needham & Company LLC lowered their price objective on shares of Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $58.12.

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.