Prudential Financial Inc. Lowers Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Prudential Financial Inc. decreased its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 22.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,637 shares of the company's stock after selling 41,141 shares during the period. Prudential Financial Inc. owned about 0.07% of Molson Coors Beverage worth $8,922,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Daiwa Securities Group Inc. raised its position in Molson Coors Beverage by 10.6% during the third quarter. Daiwa Securities Group Inc. now owns 23,872 shares of the company's stock valued at $1,374,000 after purchasing an additional 2,293 shares in the last quarter. D.A. Davidson & CO. increased its position in shares of Molson Coors Beverage by 7.8% during the 3rd quarter. D.A. Davidson & CO. now owns 27,485 shares of the company's stock valued at $1,581,000 after purchasing an additional 1,980 shares during the last quarter. FMR LLC lifted its position in Molson Coors Beverage by 23.2% in the 3rd quarter. FMR LLC now owns 716,311 shares of the company's stock worth $41,202,000 after buying an additional 134,689 shares during the last quarter. Captrust Financial Advisors boosted its stake in Molson Coors Beverage by 25.4% in the third quarter. Captrust Financial Advisors now owns 32,090 shares of the company's stock worth $1,846,000 after buying an additional 6,503 shares in the last quarter. Finally, Verition Fund Management LLC grew its position in Molson Coors Beverage by 927.7% during the third quarter. Verition Fund Management LLC now owns 79,617 shares of the company's stock valued at $4,580,000 after acquiring an additional 71,870 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research firms recently commented on TAP. UBS Group increased their target price 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. Berenberg Bank began coverage on Molson Coors Beverage in a research note on Wednesday. They set a "buy" rating and a $86.90 price objective on the stock. Citigroup raised Molson Coors Beverage from a "sell" rating to a "neutral" rating and boosted their target price for the company from $47.00 to $57.00 in a research note on Wednesday, February 5th. Barclays dropped their target price on Molson Coors Beverage from $62.00 to $61.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. Finally, StockNews.com cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Friday, February 21st. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $65.06.

Molson Coors Beverage Trading Up 0.8 %

TAP stock traded up $0.53 during trading on Thursday, reaching $62.48. The company had a trading volume of 4,413,036 shares, compared to its average volume of 2,041,668. The business has a 50 day moving average of $58.64 and a 200 day moving average of $57.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70. The company has a market cap of $12.66 billion, a P/E ratio of 11.68, a PEG ratio of 1.52 and a beta of 0.81. 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 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 firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.71 billion. As a group, sell-side analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.01%. 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 payout ratio is 35.14%.

About Molson Coors Beverage

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.