Molson Coors Beverage (NYSE:TAP) Position Decreased by Franklin Resources Inc.

Franklin Resources Inc. lowered its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 6.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 709,469 shares of the company's stock after selling 45,188 shares during the period. Franklin Resources Inc. owned approximately 0.34% of Molson Coors Beverage worth $38,913,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in TAP. Wealth Enhancement Advisory Services LLC increased its stake in Molson Coors Beverage by 8.9% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 17,330 shares of the company's stock worth $881,000 after buying an additional 1,410 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Molson Coors Beverage in the second quarter worth about $790,000. Blue Trust Inc. boosted its holdings in Molson Coors Beverage by 80.7% in the second quarter. Blue Trust Inc. now owns 1,807 shares of the company's stock valued at $92,000 after purchasing an additional 807 shares during the last quarter. Raymond James & Associates grew its stake in Molson Coors Beverage by 3.6% during the 2nd quarter. Raymond James & Associates now owns 641,015 shares of the company's stock valued at $32,583,000 after purchasing an additional 22,369 shares in the last quarter. Finally, First Horizon Advisors Inc. increased its holdings in Molson Coors Beverage by 783.2% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,049 shares of the company's stock worth $104,000 after purchasing an additional 1,817 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP traded down $0.93 on Wednesday, hitting $58.32. The company's stock had a trading volume of 1,731,087 shares, compared to its average volume of 1,902,558. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock's 50-day moving average is $58.73 and its two-hundred day moving average is $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The company has a market capitalization of $12.01 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85.

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

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 3.02%. Molson Coors Beverage's dividend payout ratio (DPR) is 39.64%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wells Fargo & Company upgraded Molson Coors Beverage from an "underweight" rating to an "overweight" rating and increased their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Needham & Company LLC initiated coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They set a "buy" rating and a $72.00 price objective on the stock. Bank of America raised shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. Barclays increased their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an "underweight" rating in a research report on Monday, November 11th. Finally, Hsbc Global Res downgraded Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $62.00.

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.