Capital Group Investment Management PTE. LTD. Lowers Holdings in Molson Coors Beverage (NYSE:TAP)

Capital Group Investment Management PTE. LTD. cut its position in Molson Coors Beverage (NYSE:TAP) by 81.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 15,510 shares of the company’s stock after selling 67,178 shares during the period. Capital Group Investment Management PTE. LTD.’s holdings in Molson Coors Beverage were worth $1,043,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TAP. Corient Private Wealth LLC boosted its position in shares of Molson Coors Beverage by 254.5% during the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock valued at $2,586,000 after buying an additional 30,323 shares during the last quarter. Vinva Investment Management Ltd grew its stake in shares of Molson Coors Beverage by 91.5% in the fourth quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock worth $5,909,000 after acquiring an additional 46,101 shares during the period. Nordea Investment Management AB grew its stake in shares of Molson Coors Beverage by 153.7% in the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock worth $1,730,000 after acquiring an additional 15,648 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Molson Coors Beverage by 220.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after purchasing an additional 336,496 shares during the last quarter. Finally, Norges Bank bought a new position in Molson Coors Beverage during the fourth quarter valued at approximately $127,337,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $0.32 during mid-day trading on Friday, hitting $54.33. 1,631,922 shares of the stock were exchanged, compared to its average volume of 1,934,246. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $70.89. The firm has a fifty day moving average of $52.04 and a 200 day moving average of $59.33. The company has a market cap of $11.51 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 2.05 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the previous year, the business earned $0.54 earnings per share. The business’s revenue was up 10.7% compared to the same quarter last year. Research analysts anticipate that Molson Coors Beverage will post 5.58 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 3.24%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s payout ratio is 35.20%.

Analysts Set New Price Targets

A number of equities research analysts have commented on TAP shares. Wells Fargo & Company cut their target price on shares of Molson Coors Beverage from $55.00 to $50.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Jefferies Financial Group lowered their target price on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a report on Thursday, July 18th. Evercore ISI cut their price target on 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. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Molson Coors Beverage from $62.00 to $56.00 and set a “hold” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Molson Coors Beverage from $60.00 to $54.00 and set a “neutral” rating on the stock in a report on Monday, July 15th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.47.

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.