Renaissance Technologies LLC Cuts Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Renaissance Technologies LLC lowered its stake in Molson Coors Beverage (NYSE:TAP) by 33.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 52,800 shares of the company’s stock after selling 26,300 shares during the period. Renaissance Technologies LLC’s holdings in Molson Coors Beverage were worth $3,026,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TAP. Norges Bank purchased a new position in Molson Coors Beverage in the 4th quarter worth approximately $142,407,000. Raymond James Financial Inc. purchased a new position in shares of Molson Coors Beverage in the fourth quarter worth $27,660,000. Bank of New York Mellon Corp raised its holdings in Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after buying an additional 434,250 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in Molson Coors Beverage during the 4th quarter valued at $21,496,000. Finally, LBP AM SA grew its holdings in Molson Coors Beverage by 1,553.3% in the 4th quarter. LBP AM SA now owns 206,664 shares of the company’s stock worth $11,846,000 after acquiring an additional 194,164 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TAP shares. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. JPMorgan Chase & Co. reduced their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. UBS Group raised their price target on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Morgan Stanley upped their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a report on Friday, February 14th. Finally, Barclays cut their target price on shares of Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $64.39.

Molson Coors Beverage Trading Down 0.6 %

Molson Coors Beverage stock opened at $58.66 on Thursday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $64.66. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The business’s fifty day simple moving average is $60.08 and its two-hundred day simple moving average is $58.27. The company has a market capitalization of $11.88 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 1.52 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, February 13th. The company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.17 by $0.13. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. As a group, equities analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were issued a $0.47 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage’s payout ratio is presently 35.14%.

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.