Molson Coors Beverage (NYSE:TAP) Shares Sold by Raymond James Trust N.A.

Raymond James Trust N.A. lowered its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 50.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,177 shares of the company's stock after selling 9,302 shares during the period. Raymond James Trust N.A.'s holdings in Molson Coors Beverage were worth $528,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. iA Global Asset Management Inc. boosted its holdings in Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company's stock worth $2,124,000 after buying an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP boosted its holdings in Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock worth $2,709,000 after buying an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Molson Coors Beverage during the second quarter worth about $3,842,000. Wedge Capital Management L L P NC lifted its holdings in shares of Molson Coors Beverage by 4.1% in the second quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company's stock valued at $35,023,000 after purchasing an additional 27,203 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Molson Coors Beverage by 22.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company's stock valued at $20,673,000 after purchasing an additional 56,584 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TAP. JPMorgan Chase & Co. upped their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Friday, October 18th. UBS Group upped their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a "neutral" rating in a report on Wednesday, August 7th. TD Cowen reduced their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a report on Tuesday, October 8th. Piper Sandler upped their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company raised shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $60.57.

Molson Coors Beverage Trading Up 1.2 %

TAP stock traded up $0.74 on Tuesday, hitting $61.41. 2,132,697 shares of the company were exchanged, compared to its average volume of 1,916,991. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The business's fifty day moving average is $56.94 and its two-hundred day moving average is $54.44. The stock has a market capitalization of $12.65 billion, a price-to-earnings ratio of 13.64, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the business posted $1.92 earnings per share. Molson Coors Beverage's revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share 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 given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage's payout ratio is currently 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.