Chevy Chase Trust Holdings LLC Sells 853 Shares of Molson Coors Beverage (NYSE:TAP)

Chevy Chase Trust Holdings LLC lowered its position in Molson Coors Beverage (NYSE:TAP) by 0.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 102,584 shares of the company’s stock after selling 853 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Molson Coors Beverage were worth $6,899,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Morgan Stanley lifted its position in shares of Molson Coors Beverage by 40.2% in the 3rd quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after acquiring an additional 988,864 shares during the period. Pacer Advisors Inc. lifted its position in shares of Molson Coors Beverage by 9,466.3% in the 4th quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after acquiring an additional 2,121,211 shares during the period. Norges Bank bought a new position in shares of Molson Coors Beverage during the 4th quarter worth approximately $127,337,000. Charles Schwab Investment Management Inc. boosted its stake in Molson Coors Beverage by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,638,115 shares of the company’s stock valued at $100,269,000 after buying an additional 25,575 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Molson Coors Beverage by 12.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,396,489 shares of the company’s stock worth $85,479,000 after acquiring an additional 153,968 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 1.4 %

TAP stock traded up $0.72 during midday trading on Thursday, reaching $51.15. The company’s stock had a trading volume of 120,515 shares, compared to its average volume of 1,934,536. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $70.90. The stock has a market cap of $10.84 billion, a PE ratio of 10.09, a price-to-earnings-growth ratio of 1.81 and a beta of 0.81. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The business’s 50-day simple moving average is $53.24 and its 200-day simple moving average is $59.99.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same period last year, the firm earned $0.54 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. As a group, sell-side analysts expect that Molson Coors Beverage will post 5.69 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Friday, June 7th were paid a $0.44 dividend. The ex-dividend date was Friday, June 7th. This represents a $1.76 dividend on an annualized basis and a yield of 3.44%. Molson Coors Beverage’s payout ratio is presently 35.20%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TAP. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Wells Fargo & Company decreased their price objective on shares of Molson Coors Beverage from $55.00 to $50.00 and set an “underweight” rating on the stock in a research note on Wednesday. Evercore ISI cut their target price on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. UBS Group decreased their price target on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Finally, Citigroup cut their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $63.13.

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.