Private Management Group Inc. Has $23.56 Million Stock Position in Molson Coors Beverage (NYSE:TAP)

Private Management Group Inc. reduced its position in Molson Coors Beverage (NYSE:TAP) by 26.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 410,933 shares of the company’s stock after selling 146,809 shares during the quarter. Private Management Group Inc.’s holdings in Molson Coors Beverage were worth $23,555,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Molson Coors Beverage by 8.4% in the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after buying an additional 681,757 shares in the last quarter. River Road Asset Management LLC lifted its stake in Molson Coors Beverage by 1.8% in the third quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock valued at $96,475,000 after acquiring an additional 29,315 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in Molson Coors Beverage in the third quarter worth approximately $48,202,000. FMR LLC increased its stake in shares of Molson Coors Beverage by 23.2% during the 3rd quarter. FMR LLC now owns 716,311 shares of the company’s stock worth $41,202,000 after purchasing an additional 134,689 shares during the last quarter. Finally, Invenomic Capital Management LP raised its holdings in shares of Molson Coors Beverage by 131.1% during the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock valued at $29,875,000 after purchasing an additional 294,596 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented 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 stock from $52.00 to $74.00 in a research report on Friday, November 8th. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Sunday. BNP Paribas assumed coverage on Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 target price for the company. Barclays dropped their price target on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Finally, Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $57.00 to $70.00 in a report on Friday, December 6th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.36.

Molson Coors Beverage Stock Up 0.7 %

TAP stock opened at $53.31 on Thursday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market cap of $10.98 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 2.52 and a beta of 0.85. The business’s 50-day simple moving average is $57.35 and its 200 day simple moving average is $56.23.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.67 by $0.13. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.92 EPS. On average, research analysts anticipate that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a dividend of $0.44 per share. The ex-dividend date was Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 3.30%. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Molson Coors Beverage Company 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.