Manning & Napier Advisors LLC Sells 19,015 Shares of Molson Coors Beverage (NYSE:TAP)

Manning & Napier Advisors LLC decreased its position in Molson Coors Beverage (NYSE:TAP - Free Report) by 38.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,066 shares of the company's stock after selling 19,015 shares during the period. Manning & Napier Advisors LLC's holdings in Molson Coors Beverage were worth $1,781,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of TAP. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at approximately $48,202,000. State Street Corp lifted its position in shares of Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company's stock worth $505,727,000 after acquiring an additional 681,757 shares in the last quarter. Randolph Co Inc bought a new position in shares of Molson Coors Beverage in the third quarter worth $21,754,000. Invenomic Capital Management LP boosted its holdings in shares of Molson Coors Beverage by 131.1% in the third quarter. Invenomic Capital Management LP now owns 519,377 shares of the company's stock worth $29,875,000 after acquiring an additional 294,596 shares during the period. Finally, AustralianSuper Pty Ltd grew its position in shares of Molson Coors Beverage by 149.1% in the third quarter. AustralianSuper Pty Ltd now owns 376,424 shares of the company's stock valued at $21,652,000 after purchasing an additional 225,296 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Price Performance

Shares of NYSE TAP traded down $0.47 during trading hours on Friday, reaching $54.76. 1,497,611 shares of the stock traded hands, compared to its average volume of 1,689,540. The company has a market capitalization of $11.28 billion, a P/E ratio of 12.33, a price-to-earnings-growth ratio of 2.09 and a beta of 0.86. The company's 50-day simple moving average is $57.82 and its two-hundred day simple moving average is $56.20. 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 has a 52-week low of $49.19 and a 52-week high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same period in the previous year, the business posted $1.92 EPS. The business's quarterly revenue was down 7.8% on a year-over-year basis. Equities research analysts forecast that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.44 per share. The ex-dividend date was Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 3.21%. Molson Coors Beverage's payout ratio is 39.64%.

Analysts Set New Price Targets

Several brokerages have commented on TAP. Barclays cut their target price on Molson Coors Beverage from $51.00 to $48.00 and set an "underweight" rating for the company in a research note on Friday, January 17th. Bank of America upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and raised their price objective for the company from $57.00 to $70.00 in a research report on Friday, December 6th. JPMorgan Chase & Co. lowered their target price on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday. Wells Fargo & Company raised shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and raised their price target for the company from $52.00 to $74.00 in a report on Friday, November 8th. Finally, Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a report on Friday, December 6th. They issued a "buy" rating and a $72.00 price target on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Molson Coors Beverage presently has a consensus rating of "Hold" and a consensus price target of $61.64.

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.