Molson Coors Beverage (NYSE:TAP) Shares Sold by Blume Capital Management Inc.

Blume Capital Management Inc. cut its position in Molson Coors Beverage (NYSE:TAP) by 21.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,259 shares of the company’s stock after selling 1,700 shares during the quarter. Blume Capital Management Inc.’s holdings in Molson Coors Beverage were worth $359,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC lifted its stake in Molson Coors Beverage by 51.4% in the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after buying an additional 202 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of Molson Coors Beverage in the 3rd quarter valued at $35,000. Gladius Capital Management LP purchased a new stake in Molson Coors Beverage in the 3rd quarter valued at $42,000. Catalyst Capital Advisors LLC boosted its stake in Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after purchasing an additional 428 shares during the period. Finally, SRS Capital Advisors Inc. grew its position in Molson Coors Beverage by 38.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on TAP shares. Barclays upgraded shares of Molson Coors Beverage from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $56.00 to $62.00 in a research note on Thursday. JPMorgan Chase & Co. reduced their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 30th. BNP Paribas initiated coverage on Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price on the stock. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their price target for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. Finally, StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $63.67.

Molson Coors Beverage Trading Down 0.9 %

Shares of TAP opened at $58.85 on Friday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.92 billion, a P/E ratio of 11.00, a PEG ratio of 1.52 and a beta of 0.81. The firm’s 50-day moving average is $57.05 and its two-hundred day moving average is $57.30.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.71 billion. On average, research analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.19%. The ex-dividend date is Thursday, February 27th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s payout ratio is 35.14%.

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.