Molson Coors Beverage (NYSE:TAP) Shares Sold by City Center Advisors LLC

City Center Advisors LLC cut its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 24.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,195 shares of the company’s stock after selling 2,033 shares during the period. City Center Advisors LLC’s holdings in Molson Coors Beverage were worth $355,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TAP. Altshuler Shaham Ltd purchased a new position in Molson Coors Beverage during the 2nd quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Molson Coors Beverage in the third quarter valued at about $35,000. Gladius Capital Management LP acquired a new stake in shares of Molson Coors Beverage during the third quarter worth about $42,000. True Wealth Design LLC purchased a new position in shares of Molson Coors Beverage during the third quarter worth about $59,000. Finally, Quarry LP acquired a new position in Molson Coors Beverage in the 2nd quarter valued at about $54,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Down 5.7 %

Shares of Molson Coors Beverage stock opened at $52.42 on Monday. The business has a 50 day moving average price of $59.33 and a 200 day moving average price of $55.82. The company has a market capitalization of $10.80 billion, a P/E ratio of 11.81, a P/E/G ratio of 2.38 and a beta of 0.86. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

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

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 3.36%. Molson Coors Beverage’s dividend payout ratio is currently 39.64%.

Wall Street Analyst Weigh In

TAP has been the topic of several analyst reports. TD Cowen lowered their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They issued a “neutral” rating and a $64.00 price objective on the stock. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $52.00 to $74.00 in a report on Friday, November 8th. JPMorgan Chase & Co. raised their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Wednesday, January 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $62.00.

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.