Caisse DE Depot ET Placement DU Quebec Cuts Holdings in Molson Coors Beverage (NYSE:TAP)

Caisse DE Depot ET Placement DU Quebec reduced its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 14.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 817,710 shares of the company's stock after selling 137,299 shares during the period. Caisse DE Depot ET Placement DU Quebec owned about 0.39% of Molson Coors Beverage worth $47,035,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of TAP. Clark Estates Inc. NY grew its holdings in Molson Coors Beverage by 18.1% during the third quarter. Clark Estates Inc. NY now owns 60,000 shares of the company's stock worth $3,451,000 after buying an additional 9,200 shares in the last quarter. Wakefield Asset Management LLLP lifted its position in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock valued at $2,709,000 after purchasing an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in Molson Coors Beverage during the second quarter worth about $3,842,000. Wedge Capital Management L L P NC grew its position in Molson Coors Beverage by 4.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company's stock worth $35,023,000 after purchasing an additional 27,203 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company's stock valued at $20,673,000 after buying an additional 56,584 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft upped their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. TD Cowen decreased their target price on 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 boosted their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an "underweight" rating in a report on Monday, November 11th. UBS Group raised their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted 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. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of "Hold" and a consensus target price of $60.00.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP traded up $0.81 during midday trading on Friday, reaching $62.06. 988,154 shares of the company traded hands, compared to its average volume of 2,023,438. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The firm's fifty day moving average price is $57.43 and its two-hundred day moving average price is $54.55. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $12.78 billion, a price-to-earnings ratio of 13.98, a price-to-earnings-growth ratio of 2.40 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company's revenue for the quarter was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.92 earnings per share. On average, equities analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.84%. Molson Coors Beverage's dividend payout ratio (DPR) 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.