Charles Schwab Investment Management Inc. cut its holdings in Molson Coors Beverage (NYSE:TAP - Free Report) by 0.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,651,387 shares of the company's stock after selling 11,145 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.80% of Molson Coors Beverage worth $94,988,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TAP. Pacer Advisors Inc. grew its holdings in Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company's stock valued at $274,341,000 after purchasing an additional 2,155,842 shares during the period. Thompson Siegel & Walmsley LLC acquired a new stake in Molson Coors Beverage in the 3rd quarter valued at $48,202,000. Millennium Management LLC increased its holdings in Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company's stock worth $38,893,000 after acquiring an additional 645,847 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company's stock worth $131,130,000 after acquiring an additional 434,685 shares during the period. Finally, Randolph Co Inc purchased a new position in Molson Coors Beverage during the third quarter valued at $21,754,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.
Molson Coors Beverage Stock Performance
NYSE:TAP traded down $0.18 during mid-day trading on Wednesday, hitting $61.23. The stock had a trading volume of 1,438,030 shares, compared to its average volume of 1,914,909. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a 50 day simple moving average of $57.05 and a 200-day simple moving average of $54.46. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $12.61 billion, a price-to-earnings ratio of 13.83, a P/E/G ratio of 2.35 and a beta of 0.82.
Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the business posted $1.92 earnings per share. The firm's quarterly revenue was down 7.8% compared to the same quarter last year. On average, research analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.
Molson Coors Beverage Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued 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 currently 39.64%.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. BNP Paribas initiated coverage on Molson Coors Beverage in a research note on Monday. They issued a "neutral" rating and a $64.00 price objective for the company. Hsbc Global Res cut shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research note on Friday, November 8th. Barclays increased their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the company an "underweight" rating in a report on Monday, November 11th. JPMorgan Chase & Co. boosted their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and raised their target price for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Molson Coors Beverage currently has an average rating of "Hold" and a consensus price target of $60.57.
Read Our Latest Stock Analysis on Molson Coors Beverage
Molson Coors Beverage Company Profile
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Free Report)
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.
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