Kentucky Retirement Systems Lowers Stake in Molson Coors Beverage Company (NYSE:TAP)

Kentucky Retirement Systems cut its position in shares of Molson Coors Beverage Company (NYSE:TAP) by 3.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 11,665 shares of the company’s stock after selling 408 shares during the quarter. Kentucky Retirement Systems’ holdings in Molson Coors Beverage were worth $710,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC grew its stake in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock worth $245,308,000 after acquiring an additional 54,867 shares during the period. Invesco Ltd. grew its position in shares of Molson Coors Beverage by 4.2% in the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company’s stock valued at $217,200,000 after purchasing an additional 152,622 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Molson Coors Beverage by 12.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock valued at $215,146,000 after purchasing an additional 422,515 shares during the period. Bank of New York Mellon Corp grew its position in shares of Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after purchasing an additional 434,250 shares during the period. Finally, Norges Bank purchased a new stake in shares of Molson Coors Beverage in the fourth quarter valued at $142,407,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on TAP. Piper Sandler lowered their price target on Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating for the company in a report on Monday. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 target price for the company. Needham & Company LLC lowered their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a report on Monday, May 12th. Wall Street Zen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Saturday, May 17th. Finally, UBS Group lowered their price objective on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $61.79.

Molson Coors Beverage Price Performance

TAP opened at $47.27 on Thursday. The company has a 50 day moving average of $54.14 and a two-hundred day moving average of $56.85. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 52-week low of $47.05 and a 52-week high of $64.66. The company has a market cap of $9.56 billion, a P/E ratio of 9.51, a P/E/G ratio of 1.80 and a beta of 0.72.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the company posted $0.95 earnings per share. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. On average, analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is presently 37.83%.

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director now directly owns 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Profile

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.