BNP PARIBAS ASSET MANAGEMENT Holding S.A. Cuts Position in Molson Coors Beverage (NYSE:TAP)

BNP PARIBAS ASSET MANAGEMENT Holding S.A. decreased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 51.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 298,626 shares of the company’s stock after selling 310,636 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned 0.14% of Molson Coors Beverage worth $17,177,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Pacer Advisors Inc. grew its position 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 during the last quarter. Ilex Capital Partners UK LLP bought a new position in shares of Molson Coors Beverage in the first quarter worth approximately $53,096,000. Millennium Management LLC grew its holdings in shares of Molson Coors Beverage by 541.4% during the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after buying an additional 645,847 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after acquiring an additional 434,685 shares in the last quarter. Finally, Randolph Co Inc purchased a new position in Molson Coors Beverage in the 3rd quarter worth approximately $21,754,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $60.36 on Friday. The stock’s fifty day moving average is $56.84 and its 200 day moving average is $54.45. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The stock has a market cap of $12.43 billion, a P/E ratio of 13.59, a P/E/G ratio of 2.34 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.92 EPS. Sell-side analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 2.92%. Molson Coors Beverage’s payout ratio is 39.64%.

Wall Street Analyst Weigh In

Several analysts have commented on TAP shares. Piper Sandler increased their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. UBS Group increased their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen decreased their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Barclays raised their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Finally, Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.31.

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.