Principal Financial Group Inc. Sells 4,097 Shares of Molson Coors Beverage (NYSE:TAP)

Principal Financial Group Inc. cut its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 1.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 207,715 shares of the company's stock after selling 4,097 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Molson Coors Beverage worth $11,906,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Ashton Thomas Securities LLC acquired a new position in shares of Molson Coors Beverage in the 3rd quarter worth approximately $35,000. Gladius Capital Management LP bought a new position in Molson Coors Beverage in the 3rd quarter valued at $42,000. True Wealth Design LLC acquired a new position in Molson Coors Beverage in the third quarter worth $59,000. Allworth Financial LP grew its holdings in shares of Molson Coors Beverage by 33.7% during the third quarter. Allworth Financial LP now owns 1,179 shares of the company's stock worth $68,000 after purchasing an additional 297 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. acquired a new stake in shares of Molson Coors Beverage in the third quarter valued at $77,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Trading Down 0.3 %

Shares of TAP stock traded down $0.20 on Monday, hitting $61.09. The stock had a trading volume of 1,052,695 shares, compared to its average volume of 1,903,408. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a fifty day moving average price of $56.64 and a two-hundred day moving average price of $56.94. The firm has a market cap of $12.38 billion, a P/E ratio of 11.43, a PEG ratio of 1.52 and a beta of 0.85.

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

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.88 dividend on an annualized basis and a yield of 3.08%. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's payout ratio is presently 35.14%.

Wall Street Analyst Weigh In

TAP has been the topic of a number of research analyst reports. Barclays increased their price objective on shares of Molson Coors Beverage from $48.00 to $56.00 and gave the stock an "underweight" rating in a report on Tuesday, February 18th. BNP Paribas initiated coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They issued a "neutral" rating and a $64.00 price target for the company. Bank of America raised Molson Coors Beverage from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Morgan Stanley lifted their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the company an "equal weight" rating in a research note on Friday, February 14th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price target on shares of Molson Coors Beverage in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $63.27.

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.