Quest Partners LLC Trims Holdings in Molson Coors Beverage (NYSE:TAP)

Quest Partners LLC lessened its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 90.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,605 shares of the company's stock after selling 16,070 shares during the quarter. Quest Partners LLC's holdings in Molson Coors Beverage were worth $92,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pacer Advisors Inc. increased its position in Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company's stock worth $274,341,000 after buying an additional 2,155,842 shares during the period. Millennium Management LLC increased its holdings in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company's stock valued at $38,893,000 after acquiring an additional 645,847 shares during the period. Dimensional Fund Advisors LP raised its position in Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company's stock valued at $131,130,000 after purchasing an additional 434,685 shares during the last quarter. Randolph Co Inc acquired a new stake in Molson Coors Beverage during the 3rd quarter worth $21,754,000. Finally, Royal London Asset Management Ltd. grew its position in Molson Coors Beverage by 471.2% during the 2nd quarter. Royal London Asset Management Ltd. now owns 452,692 shares of the company's stock worth $23,010,000 after purchasing an additional 373,440 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a "hold" rating in a research note on Wednesday, August 7th. Hsbc Global Res cut Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research report on Friday, November 8th. UBS Group boosted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and increased their price target for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Finally, BNP Paribas started coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They issued a "neutral" rating and a $64.00 price objective on the stock. 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. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $60.57.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded up $0.81 during trading on Friday, hitting $62.06. 988,154 shares of the stock were exchanged, compared to its average volume of 1,910,897. The company has a fifty day moving average price of $57.43 and a two-hundred day moving average price of $54.57. The company has a market cap of $12.79 billion, a PE ratio of 13.98, a P/E/G ratio of 2.37 and a beta of 0.82. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion during the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter last year, the business posted $1.92 earnings per share. The business's revenue for the quarter was down 7.8% on a year-over-year basis. On average, analysts forecast that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.84%. Molson Coors Beverage's dividend payout ratio (DPR) is 39.64%.

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.