Lazard Asset Management LLC Sells 110,551 Shares of Molson Coors Beverage (NYSE:TAP)

Lazard Asset Management LLC lessened its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 71.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 43,921 shares of the company's stock after selling 110,551 shares during the period. Lazard Asset Management LLC's holdings in Molson Coors Beverage were worth $2,517,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Geode Capital Management LLC raised its holdings in Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock worth $245,308,000 after buying an additional 54,867 shares during the period. Invesco Ltd. grew its stake in Molson Coors Beverage by 4.2% during the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after acquiring an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Molson Coors Beverage by 12.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after acquiring an additional 422,515 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock valued at $202,661,000 after acquiring an additional 434,250 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Molson Coors Beverage in the 4th quarter valued at approximately $142,407,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TAP shares. JPMorgan Chase & Co. lowered their price target on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. StockNews.com cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday. Needham & Company LLC lowered their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Barclays lowered their price target on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Finally, Morgan Stanley reduced their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $62.71.

Molson Coors Beverage Stock Performance

Shares of TAP stock traded up $0.34 during trading hours on Tuesday, reaching $56.95. 2,616,772 shares of the company's stock were exchanged, compared to its average volume of 2,119,220. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $64.66. The stock has a market capitalization of $11.54 billion, a P/E ratio of 10.64, a P/E/G ratio of 1.52 and a beta of 0.73. The business has a fifty day moving average price of $58.55 and a 200-day moving average price of $58.46. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. Analysts predict that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is 37.83%.

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.