Molson Coors Beverage (NYSE:TAP) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario lowered its position in Molson Coors Beverage (NYSE:TAP - Free Report) by 40.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 27,737 shares of the company's stock after selling 18,977 shares during the quarter. Investment Management Corp of Ontario's holdings in Molson Coors Beverage were worth $1,595,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Family Firm Inc. purchased a new stake in Molson Coors Beverage in the 2nd quarter worth about $26,000. Altshuler Shaham Ltd bought a new position in shares of Molson Coors Beverage during the second quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC raised its holdings in shares of Molson Coors Beverage by 83.8% in the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company's stock worth $33,000 after buying an additional 294 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Molson Coors Beverage during the 3rd quarter worth approximately $35,000. Finally, Gladius Capital Management LP purchased a new position in Molson Coors Beverage during the 3rd quarter valued at $42,000. Institutional investors own 78.46% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on TAP. TD Cowen reduced their target price on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a research note on Tuesday, October 8th. UBS Group lifted their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. Hsbc Global Res cut shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research report on Friday, November 8th. BNP Paribas began coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a "neutral" rating and a $64.00 target price on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $60.00.

Molson Coors Beverage Stock Down 0.6 %

Shares of NYSE TAP traded down $0.35 during mid-day trading on Thursday, reaching $61.41. 1,524,908 shares of the company were exchanged, compared to its average volume of 1,909,410. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The firm has a 50-day moving average of $57.85 and a 200 day moving average of $54.65. The stock has a market cap of $12.65 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 2.38 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly 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. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the firm posted $1.92 earnings per share. The company's quarterly revenue was down 7.8% on a year-over-year basis. On average, research 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 announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.87%. Molson Coors Beverage's dividend payout ratio (DPR) is 39.64%.

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.