Illinois Municipal Retirement Fund Reduces Stock Position in Molson Coors Beverage Company $TAP

Illinois Municipal Retirement Fund trimmed its holdings in shares of Molson Coors Beverage Company (NYSE:TAP) by 68.5% in the third quarter, Holdings Channel reports. The institutional investor owned 51,701 shares of the company’s stock after selling 112,483 shares during the period. Illinois Municipal Retirement Fund’s holdings in Molson Coors Beverage were worth $2,339,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Polianta Ltd purchased a new position in Molson Coors Beverage during the 3rd quarter worth approximately $1,543,000. JPMorgan Chase & Co. grew its position in shares of Molson Coors Beverage by 20.4% during the second quarter. JPMorgan Chase & Co. now owns 1,036,110 shares of the company’s stock worth $49,828,000 after acquiring an additional 175,587 shares during the last quarter. Swiss National Bank increased its holdings in shares of Molson Coors Beverage by 5.5% in the 2nd quarter. Swiss National Bank now owns 537,600 shares of the company’s stock valued at $25,853,000 after acquiring an additional 27,900 shares during the period. Wilsey Asset Management Inc. raised its position in Molson Coors Beverage by 4.9% in the 3rd quarter. Wilsey Asset Management Inc. now owns 591,259 shares of the company’s stock valued at $26,754,000 after purchasing an additional 27,819 shares during the last quarter. Finally, Gamco Investors INC. ET AL boosted its stake in Molson Coors Beverage by 182.1% during the 2nd quarter. Gamco Investors INC. ET AL now owns 84,290 shares of the company’s stock worth $4,054,000 after purchasing an additional 54,410 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 2.3%

TAP opened at $53.12 on Tuesday. The business has a 50 day simple moving average of $48.63 and a 200-day simple moving average of $47.83. Molson Coors Beverage Company has a 12 month low of $42.94 and a 12 month high of $64.66. The stock has a market capitalization of $10.50 billion, a P/E ratio of -4.97 and a beta of 0.48. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.60 and a quick ratio of 0.45.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Friday, December 5th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently -17.60%.

Analysts Set New Price Targets

A number of research analysts have commented on TAP shares. UBS Group lifted their price objective on shares of Molson Coors Beverage from $47.00 to $50.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Wells Fargo & Company restated an “equal weight” rating and issued a $50.00 price target (down previously from $53.00) on shares of Molson Coors Beverage in a research report on Wednesday, November 19th. Barclays reaffirmed an “underweight” rating and set a $49.00 price objective on shares of Molson Coors Beverage in a research report on Friday, January 16th. JPMorgan Chase & Co. started coverage on Molson Coors Beverage in a report on Wednesday, November 5th. They issued a “neutral” rating and a $49.00 target price on the stock. Finally, Piper Sandler decreased their price target on Molson Coors Beverage from $52.00 to $50.00 and set a “neutral” rating for the company in a report on Friday, November 21st. Five investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $53.18.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.