Kentucky Retirement Systems Insurance Trust Fund Reduces Stock Position in Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems Insurance Trust Fund reduced its holdings in Molson Coors Beverage (NYSE:TAP) by 7.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,111 shares of the company’s stock after selling 486 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Molson Coors Beverage were worth $411,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its stake in shares of Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after buying an additional 56,584 shares in the last quarter. BOKF NA bought a new stake in shares of Molson Coors Beverage in the 1st quarter worth about $5,229,000. Lazard Asset Management LLC lifted its holdings in shares of Molson Coors Beverage by 6,659.2% in the 1st quarter. Lazard Asset Management LLC now owns 101,928 shares of the company’s stock worth $6,854,000 after acquiring an additional 100,420 shares during the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of Molson Coors Beverage by 28.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock worth $20,895,000 after acquiring an additional 68,900 shares during the last quarter. Finally, Capital International Investors lifted its holdings in shares of Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after acquiring an additional 939,142 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TAP has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Molson Coors Beverage from $62.00 to $56.00 and set a “hold” rating for the company in a report on Thursday. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Thursday, May 2nd. Jefferies Financial Group reduced their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price target for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Finally, Evercore ISI cut their price objective on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.47.

Molson Coors Beverage Stock Performance

NYSE TAP traded down $1.12 on Monday, hitting $53.21. 955,939 shares of the company’s stock traded hands, compared to its average volume of 1,927,452. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $70.41. The firm’s 50-day moving average price is $51.99 and its two-hundred day moving average price is $59.22. The firm has a market capitalization of $11.27 billion, a PE ratio of 10.62, a P/E/G ratio of 2.33 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same period in the previous year, the business posted $0.54 EPS. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. As a group, analysts expect that Molson Coors Beverage will post 5.56 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

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.