Allspring Global Investments Holdings LLC Sells 394,937 Shares of Molson Coors Beverage (NYSE:TAP)

Allspring Global Investments Holdings LLC cut its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 97.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,873 shares of the company's stock after selling 394,937 shares during the period. Allspring Global Investments Holdings LLC's holdings in Molson Coors Beverage were worth $679,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TAP. Clark Estates Inc. NY increased its holdings in shares of Molson Coors Beverage by 18.1% in the third quarter. Clark Estates Inc. NY now owns 60,000 shares of the company's stock valued at $3,451,000 after buying an additional 9,200 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Molson Coors Beverage by 1.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company's stock worth $2,046,000 after purchasing an additional 563 shares during the period. Wilsey Asset Management Inc. lifted its holdings in shares of Molson Coors Beverage by 1.6% during the fourth quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company's stock valued at $31,557,000 after purchasing an additional 8,679 shares during the last quarter. Qsemble Capital Management LP boosted its position in shares of Molson Coors Beverage by 23.5% in the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company's stock valued at $2,788,000 after purchasing an additional 9,234 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Molson Coors Beverage by 4.7% in the 3rd quarter. Principal Financial Group Inc. now owns 211,812 shares of the company's stock valued at $12,183,000 after purchasing an additional 9,510 shares during the period. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Stock Down 0.9 %

TAP stock traded down $0.55 during trading hours on Thursday, hitting $61.51. The company's stock had a trading volume of 2,175,349 shares, compared to its average volume of 2,077,472. The stock has a 50 day moving average price of $56.54 and a two-hundred day moving average price of $56.78. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a market capitalization of $12.50 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.52 and a beta of 0.85. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.71 billion. On average, equities research analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be 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 annualized dividend and a yield of 3.06%. The ex-dividend date is Thursday, February 27th. Molson Coors Beverage's payout ratio is 35.14%.

Analyst Upgrades and Downgrades

A number of research firms have commented on TAP. Morgan Stanley upped their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an "equal weight" rating in a research note on Friday, February 14th. UBS Group boosted their price target on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a report on Friday, February 14th. BNP Paribas initiated 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 for the company. Wells Fargo & Company raised shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and boosted their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, Barclays raised their target price on Molson Coors Beverage from $48.00 to $56.00 and gave the stock an "underweight" rating in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $63.27.

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.