Wells Fargo & Company MN Sells 119,454 Shares of Molson Coors Beverage (NYSE:TAP)

Wells Fargo & Company MN decreased its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 41.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 169,066 shares of the company's stock after selling 119,454 shares during the period. Wells Fargo & Company MN owned about 0.08% of Molson Coors Beverage worth $9,691,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in shares of Molson Coors Beverage by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock valued at $245,308,000 after buying an additional 54,867 shares during the period. Bank of New York Mellon Corp increased its position in Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock valued at $202,661,000 after acquiring an additional 434,250 shares during the last quarter. Norges Bank bought a new position in Molson Coors Beverage in the fourth quarter valued at about $142,407,000. Charles Schwab Investment Management Inc. boosted its position in Molson Coors Beverage by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,684,621 shares of the company's stock worth $96,562,000 after purchasing an additional 33,234 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC grew its stake in shares of Molson Coors Beverage by 5.1% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 880,537 shares of the company's stock valued at $50,472,000 after purchasing an additional 42,530 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. StockNews.com downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Friday, February 21st. Morgan Stanley boosted their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an "equal weight" rating in a research report on Friday, February 14th. Needham & Company LLC reaffirmed a "buy" rating and issued a $72.00 target price on shares of Molson Coors Beverage in a report on Monday, April 14th. UBS Group lifted their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a research report on Friday, February 14th. Finally, Citigroup upgraded Molson Coors Beverage from a "sell" rating to a "neutral" rating and upped their price target for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $64.39.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $1.04 during mid-day trading on Tuesday, hitting $58.97. The company had a trading volume of 1,714,675 shares, compared to its average volume of 2,085,771. The company has a market capitalization of $11.95 billion, a P/E ratio of 11.02, a P/E/G ratio of 1.52 and a beta of 0.69. The stock's 50 day moving average price is $60.11 and its 200-day moving average price is $58.27. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. The business had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. Equities research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend was Thursday, February 27th. This is a boost from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's dividend payout ratio (DPR) is currently 35.14%.

Molson Coors Beverage Company 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.