National Bank of Canada FI Cuts Position in Molson Coors Beverage (NYSE:TAP)

National Bank of Canada FI lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 22.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 257,797 shares of the company’s stock after selling 72,549 shares during the quarter. National Bank of Canada FI owned 0.12% of Molson Coors Beverage worth $16,001,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Measured Wealth Private Client Group LLC acquired a new stake in shares of Molson Coors Beverage in the fourth quarter valued at about $770,000. Axxcess Wealth Management LLC purchased a new position in shares of Molson Coors Beverage in the fourth quarter valued at $493,000. U.S. Capital Wealth Advisors LLC acquired a new stake in Molson Coors Beverage during the 4th quarter valued at $1,160,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Molson Coors Beverage by 485.8% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 5,266 shares of the company’s stock worth $322,000 after buying an additional 4,367 shares in the last quarter. Finally, LGT Group Foundation grew its stake in shares of Molson Coors Beverage by 6.5% during the fourth quarter. LGT Group Foundation now owns 25,309 shares of the company’s stock valued at $1,550,000 after acquiring an additional 1,554 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Citigroup decreased their price target on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating for the company in a research report on Wednesday, May 1st. Deutsche Bank Aktiengesellschaft upped their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. StockNews.com cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Finally, Evercore ISI cut their target price on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $65.53.

Molson Coors Beverage Trading Up 1.7 %

NYSE TAP opened at $58.27 on Wednesday. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The stock has a 50-day simple moving average of $64.57 and a 200 day simple moving average of $62.35. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $12.39 billion, a PE ratio of 11.65, a P/E/G ratio of 2.09 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. The company had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. During the same period last year, the firm posted $0.54 earnings per share. Research analysts forecast that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.44 dividend. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 3.02%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.71% of the company’s stock.

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.