Envestnet Asset Management Inc. Sells 262,444 Shares of Molson Coors Beverage (NYSE:TAP)

Envestnet Asset Management Inc. lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 45.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 315,059 shares of the company's stock after selling 262,444 shares during the quarter. Envestnet Asset Management Inc. owned about 0.15% of Molson Coors Beverage worth $18,059,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Norges Bank acquired a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $142,407,000. Raymond James Financial Inc. purchased a new stake in Molson Coors Beverage in the 4th quarter worth about $27,660,000. Bank of New York Mellon Corp boosted its holdings in shares of Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock worth $202,661,000 after purchasing an additional 434,250 shares during the period. ExodusPoint Capital Management LP purchased a new position in shares of Molson Coors Beverage during the 4th quarter valued at $21,496,000. Finally, LBP AM SA increased its position 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 purchasing an additional 194,164 shares during the last quarter. Institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on TAP. Citigroup raised shares of Molson Coors Beverage from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price target for the company. Needham & Company LLC reissued a "buy" rating and set a $72.00 target price on shares of Molson Coors Beverage in a research report on Monday. Finally, StockNews.com downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Friday, February 21st. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $64.39.

Molson Coors Beverage Stock Up 0.0 %

Shares of NYSE:TAP traded up $0.01 during midday trading on Friday, hitting $58.72. The stock had a trading volume of 1,549,253 shares, compared to its average volume of 2,081,011. The company has a market cap of $11.90 billion, a P/E ratio of 10.98, a PEG ratio of 1.52 and a beta of 0.69. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $65.24. The business's 50-day simple moving average is $59.92 and its 200-day simple moving average is $58.21. 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 released its quarterly earnings data on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.71 billion. On average, sell-side analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This is an increase from Molson Coors Beverage's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.20%. Molson Coors Beverage's dividend payout ratio (DPR) is currently 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.