Molson Coors Beverage (NYSE:TAP) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in shares of Molson Coors Beverage (NYSE:TAPFree Report) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 212,208 shares of the company’s stock after selling 9,416 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Molson Coors Beverage worth $13,494,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TAP. Asahi Life Asset Management CO. LTD. acquired a new position in Molson Coors Beverage during the third quarter worth about $287,000. WFA of San Diego LLC purchased a new stake in shares of Molson Coors Beverage in the third quarter valued at approximately $84,000. Empirical Finance LLC increased its holdings in shares of Molson Coors Beverage by 10.3% in the third quarter. Empirical Finance LLC now owns 6,501 shares of the company’s stock valued at $413,000 after purchasing an additional 605 shares during the last quarter. Banque Pictet & Cie SA purchased a new position in Molson Coors Beverage during the third quarter worth approximately $248,000. Finally, Knights of Columbus Asset Advisors LLC lifted its position in Molson Coors Beverage by 149.0% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 69,846 shares of the company’s stock worth $4,442,000 after buying an additional 41,796 shares in the last quarter. Hedge funds and other institutional investors own 73.95% of the company’s stock.

Molson Coors Beverage Trading Down 1.7 %

NYSE:TAP opened at $61.79 on Thursday. Molson Coors Beverage has a 12-month low of $49.32 and a 12-month high of $70.90. The firm has a market cap of $13.33 billion, a PE ratio of 53.73, a price-to-earnings-growth ratio of 1.19 and a beta of 0.87. The company has a current ratio of 0.73, a quick ratio of 0.53 and a debt-to-equity ratio of 0.39. The stock has a fifty day moving average price of $62.06 and a 200 day moving average price of $62.33.

Molson Coors Beverage (NYSE:TAPGet Free Report) last announced its quarterly earnings data on Thursday, November 2nd. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.39. Molson Coors Beverage had a return on equity of 9.16% and a net margin of 1.86%. The business had revenue of $3.30 billion during the quarter, compared to analysts’ expectations of $3.24 billion. Sell-side analysts anticipate that Molson Coors Beverage will post 5.36 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a $0.41 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $1.64 dividend on an annualized basis and a yield of 2.65%. Molson Coors Beverage’s dividend payout ratio is currently 142.61%.

Wall Street Analyst Weigh In

TAP has been the subject of several analyst reports. Barclays dropped their target price on Molson Coors Beverage from $65.00 to $64.00 and set an “equal weight” rating for the company in a report on Tuesday, January 16th. HSBC assumed coverage on shares of Molson Coors Beverage in a research report on Thursday, November 30th. They set a “hold” rating and a $68.00 price objective for the company. Bank of America lifted their target price on Molson Coors Beverage from $70.00 to $72.00 and gave the company a “neutral” rating in a research report on Wednesday, October 4th. Wells Fargo & Company upped their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company an “underweight” rating in a research report on Wednesday, October 4th. Finally, Wedbush reaffirmed a “neutral” rating and set a $70.00 target price on shares of Molson Coors Beverage in a research note on Monday, November 6th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $66.27.

Get Our Latest Research Report on Molson Coors Beverage

Molson Coors Beverage Profile

(Free Report)

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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