Retirement Systems of Alabama Has $2.22 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Retirement Systems of Alabama trimmed its stake in shares of Molson Coors Beverage (NYSE:TAP) by 3.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,626 shares of the company’s stock after selling 1,484 shares during the period. Retirement Systems of Alabama’s holdings in Molson Coors Beverage were worth $2,222,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in TAP. Clark Estates Inc. NY raised its stake in shares of Molson Coors Beverage by 18.1% in the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock valued at $3,451,000 after purchasing an additional 9,200 shares during the period. Wakefield Asset Management LLLP raised its position in Molson Coors Beverage by 124.5% in the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after buying an additional 29,552 shares during the last quarter. Qsemble Capital Management LP lifted its stake in Molson Coors Beverage by 23.5% in the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock valued at $2,788,000 after acquiring an additional 9,234 shares in the last quarter. Quest Partners LLC boosted its position in Molson Coors Beverage by 252,400.0% during the 2nd quarter. Quest Partners LLC now owns 17,675 shares of the company’s stock worth $898,000 after acquiring an additional 17,668 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new position in shares of Molson Coors Beverage during the 2nd quarter worth approximately $1,237,000. 78.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TAP. Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Needham & Company LLC began coverage on shares of Molson Coors Beverage in a research report on Friday, December 6th. They set a “buy” rating and a $72.00 price target on the stock. TD Cowen decreased their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, December 13th. Finally, BNP Paribas assumed coverage on Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $62.00.

Molson Coors Beverage Stock Up 1.2 %

TAP stock opened at $59.34 on Friday. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The business’s 50 day simple moving average is $58.89 and its 200 day simple moving average is $55.14. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $12.22 billion, a PE ratio of 13.36, a PEG ratio of 2.38 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS 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 the consensus estimate 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 quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the company earned $1.92 earnings per share. As a group, research analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a $0.44 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.97%. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

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.