Molson Coors Beverage (NYSE:TAP) Shares Sold by Narwhal Capital Management

Narwhal Capital Management lessened its stake in shares of Molson Coors Beverage (NYSE:TAP) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 24,560 shares of the company’s stock after selling 400 shares during the period. Narwhal Capital Management’s holdings in Molson Coors Beverage were worth $1,248,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new position in shares of Molson Coors Beverage during the fourth quarter valued at approximately $127,337,000. Capital International Investors raised its stake in Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after purchasing an additional 939,142 shares during the last quarter. Ilex Capital Partners UK LLP purchased a new position in Molson Coors Beverage in the 1st quarter valued at $53,096,000. Allspring Global Investments Holdings LLC boosted its stake in Molson Coors Beverage by 220.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after purchasing an additional 336,496 shares during the last quarter. Finally, KBC Group NV grew its holdings in shares of Molson Coors Beverage by 166.5% during the fourth quarter. KBC Group NV now owns 450,649 shares of the company’s stock worth $27,584,000 after buying an additional 281,580 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Trading Down 0.1 %

TAP opened at $55.77 on Friday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $52.87 and a 200-day simple moving average of $57.47. The firm has a market cap of $11.82 billion, a P/E ratio of 11.15, a P/E/G ratio of 2.34 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. Molson Coors Beverage’s revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the business posted $1.78 EPS. On average, equities analysts expect that Molson Coors Beverage will post 5.75 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date of this dividend is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Analyst Ratings Changes

Several research firms have recently weighed in on TAP. Deutsche Bank Aktiengesellschaft raised their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. TD Cowen cut Molson Coors Beverage from a “buy” rating to a “hold” rating and lowered their target price for the stock from $68.00 to $58.00 in a report on Wednesday, August 7th. Piper Sandler increased their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 7th. Finally, Citigroup dropped their target price on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $60.53.

Molson Coors Beverage 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.