Victory Capital Management Inc. Has $27.60 Million Position in Molson Coors Beverage (NYSE:TAP)

Victory Capital Management Inc. lowered its holdings in Molson Coors Beverage (NYSE:TAP) by 2.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 450,832 shares of the company’s stock after selling 12,165 shares during the period. Victory Capital Management Inc. owned approximately 0.21% of Molson Coors Beverage worth $27,595,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Molson Coors Beverage by 7.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock valued at $2,156,000 after purchasing an additional 2,279 shares during the period. Raymond James Financial Services Advisors Inc. lifted its position in Molson Coors Beverage by 11.7% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,673 shares of the company’s stock worth $1,378,000 after buying an additional 2,271 shares in the last quarter. Forsta AP Fonden purchased a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $2,563,000. Mackenzie Financial Corp boosted its stake in shares of Molson Coors Beverage by 2.2% during the 3rd quarter. Mackenzie Financial Corp now owns 22,933 shares of the company’s stock valued at $1,422,000 after buying an additional 489 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Molson Coors Beverage by 5.5% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 30,661 shares of the company’s stock valued at $1,950,000 after acquiring an additional 1,587 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 1.7 %

TAP opened at $58.27 on Wednesday. The company has a market capitalization of $12.39 billion, a P/E ratio of 11.65, a P/E/G ratio of 2.09 and a beta of 0.86. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The firm’s fifty day moving average price is $64.57 and its two-hundred day moving average price is $62.35. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share 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 for the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the business earned $0.54 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. On average, analysts anticipate that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.44 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.02%. Molson Coors Beverage’s dividend payout ratio is presently 35.20%.

Insider Buying and Selling

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.71% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TAP. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Bank of America cut their price objective on shares of Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 1st. Piper Sandler began coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price for the company. Barclays cut their price target on shares of Molson Coors Beverage from $67.00 to $62.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $65.53.

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.