Molson Coors Beverage (NYSE:TAP) Stock Position Cut by Geode Capital Management LLC

Geode Capital Management LLC trimmed its stake in shares of Molson Coors Beverage (NYSE:TAP) by 1.1% during the third quarter, Holdings Channel reports. The institutional investor owned 4,236,181 shares of the company’s stock after selling 47,328 shares during the period. Geode Capital Management LLC’s holdings in Molson Coors Beverage were worth $242,821,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. State Street Corp increased its stake in shares of Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after acquiring an additional 681,757 shares during the period. Pacer Advisors Inc. boosted its stake in Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after purchasing an additional 2,155,842 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after purchasing an additional 434,685 shares during the period. River Road Asset Management LLC raised its stake in shares of Molson Coors Beverage by 1.8% in the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock worth $96,475,000 after buying an additional 29,315 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC acquired a new stake in shares of Molson Coors Beverage in the third quarter valued at $48,202,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Up 0.2 %

NYSE:TAP opened at $61.07 on Friday. The stock has a market cap of $12.58 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The stock’s 50-day moving average is $58.53 and its two-hundred day moving average is $55.00.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.92 EPS. As a group, equities research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.88%. Molson Coors Beverage’s payout ratio is 39.64%.

Wall Street Analysts Forecast Growth

TAP has been the topic of a number of research analyst reports. BNP Paribas began coverage on Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price on the stock. Needham & Company LLC began coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They issued a “buy” rating and a $72.00 price objective on the stock. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. TD Cowen decreased their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Finally, Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price objective for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $62.00.

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.