Chevy Chase Trust Holdings LLC Has $5.42 Million Stake in Molson Coors Beverage (NYSE:TAP)

Chevy Chase Trust Holdings LLC reduced its holdings in Molson Coors Beverage (NYSE:TAP) by 5.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 94,197 shares of the company’s stock after selling 5,066 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Molson Coors Beverage were worth $5,418,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Family Firm Inc. acquired a new position in shares of Molson Coors Beverage in the 2nd quarter valued at $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage during the second quarter worth about $27,000. GPS Wealth Strategies Group LLC grew its position in shares of Molson Coors Beverage by 83.8% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after buying an additional 294 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at about $35,000. Finally, Gladius Capital Management LP acquired a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at approximately $42,000. 78.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on TAP. JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. TD Cowen lowered their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Barclays lifted their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Finally, Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $60.00.

Molson Coors Beverage Stock Down 0.6 %

Shares of TAP stock opened at $61.41 on Friday. The firm’s fifty day moving average price is $57.97 and its two-hundred day moving average price is $54.69. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The firm has a market capitalization of $12.65 billion, a P/E ratio of 13.83, a PEG ratio of 2.38 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the business earned $1.92 earnings per share. Molson Coors Beverage’s quarterly revenue was down 7.8% on a year-over-year basis. On average, equities analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

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.