Molson Coors Beverage Company (NYSE:TAP) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank reduced its stake in Molson Coors Beverage Company by 17.2% in the first quarter, owning 219,791 shares worth approximately $13.38 million after selling 45,629 shares.
• Recent analyst ratings have lowered target prices for Molson Coors Beverage, with Citigroup reducing their price objective from $56 to $51 and Bank of America cutting their rating from "buy" to "neutral."
• Molson Coors Beverage announced a quarterly dividend of $0.47, resulting in an annualized yield of 3.71%, with the next payout scheduled for September 19th.

Zurcher Kantonalbank Zurich Cantonalbank trimmed its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 17.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 219,791 shares of the company's stock after selling 45,629 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.11% of Molson Coors Beverage worth $13,379,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. DoubleLine ETF Adviser LP lifted its position in shares of Molson Coors Beverage by 1.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock valued at $590,000 after purchasing an additional 170 shares in the last quarter. Twin Capital Management Inc. grew its stake in Molson Coors Beverage by 0.7% during the first quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock valued at $1,509,000 after acquiring an additional 180 shares in the last quarter. ProShare Advisors LLC grew its stake in Molson Coors Beverage by 0.4% in the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock worth $2,809,000 after buying an additional 206 shares in the last quarter. Forum Financial Management LP grew its stake in Molson Coors Beverage by 4.4% in the 4th quarter. Forum Financial Management LP now owns 5,210 shares of the company's stock worth $299,000 after buying an additional 220 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its stake in shares of Molson Coors Beverage by 3.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 7,014 shares of the company's stock valued at $402,000 after purchasing an additional 249 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Price Performance

NYSE TAP traded down $0.50 during mid-day trading on Friday, hitting $48.22. The stock had a trading volume of 3,089,468 shares, compared to its average volume of 2,433,450. The firm's 50 day moving average is $50.43 and its 200 day moving average is $55.36. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month 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 stock has a market capitalization of $9.75 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 2.96 and a beta of 0.69.

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). 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 company posted $0.95 earnings per share. The firm's revenue for the quarter was down 11.3% compared to the same quarter last year. Equities research analysts forecast that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.9%. Molson Coors Beverage's dividend payout ratio (DPR) is 37.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TAP shares. JPMorgan Chase & Co. lowered their price target on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday. Evercore ISI decreased their price objective on shares of Molson Coors Beverage from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Wednesday. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday, May 20th. UBS Group reduced their price objective on shares of Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, July 17th. Finally, Citigroup dropped their price target on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Twelve analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of "Hold" and an average target price of $58.87.

Insider Activity

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director directly owned 27,595 shares of the company's stock, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.71% of the stock is owned by company 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.