Molson Coors Beverage (NYSE:TAP) Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 34.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,178 shares of the company's stock after selling 80,900 shares during the period. Korea Investment CORP owned 0.07% of Molson Coors Beverage worth $8,837,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TAP. FMR LLC increased its holdings in Molson Coors Beverage by 23.2% during the 3rd quarter. FMR LLC now owns 716,311 shares of the company's stock worth $41,202,000 after purchasing an additional 134,689 shares during the period. Captrust Financial Advisors increased its position in Molson Coors Beverage by 25.4% during the 3rd quarter. Captrust Financial Advisors now owns 32,090 shares of the company's stock valued at $1,846,000 after purchasing an additional 6,503 shares during the period. Verition Fund Management LLC raised its stake in Molson Coors Beverage by 927.7% in the third quarter. Verition Fund Management LLC now owns 79,617 shares of the company's stock worth $4,580,000 after buying an additional 71,870 shares in the last quarter. Paloma Partners Management Co boosted its position in Molson Coors Beverage by 116.1% during the third quarter. Paloma Partners Management Co now owns 11,060 shares of the company's stock valued at $636,000 after purchasing an additional 5,942 shares in the last quarter. Finally, Benjamin Edwards Inc. grew its position in shares of Molson Coors Beverage by 7,317.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 15,873 shares of the company's stock worth $913,000 after buying an additional 15,659 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

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Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Morgan Stanley lifted their price target on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the stock an "equal weight" rating in a report on Friday, February 14th. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. UBS Group upped their price objective on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Bank of America upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $57.00 to $70.00 in a research note on Friday, December 6th. Finally, Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a research note on Wednesday. They set a "buy" rating and a $86.90 price target on the stock. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $65.06.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP traded up $0.53 during midday trading on Thursday, reaching $62.48. 4,413,026 shares of the stock were exchanged, compared to its average volume of 2,039,238. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The firm has a market cap of $12.66 billion, a price-to-earnings ratio of 11.68, a PEG ratio of 1.52 and a beta of 0.81. The firm has a 50-day simple moving average of $58.47 and a two-hundred day simple moving average of $57.84. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, beating 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. As a group, analysts anticipate that Molson Coors Beverage will post 6.35 EPS 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. Investors of record on Thursday, February 27th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.01%. The ex-dividend date was Thursday, February 27th. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's payout ratio is currently 35.14%.

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.