Molson Coors Beverage (NYSE:TAP) Position Trimmed by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 33.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,800 shares of the company's stock after selling 26,300 shares during the period. Renaissance Technologies LLC's holdings in Molson Coors Beverage were worth $3,026,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in Molson Coors Beverage by 1.3% in the fourth 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. Invesco Ltd. increased its position in Molson Coors Beverage by 4.2% in the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock worth $217,200,000 after buying an additional 152,622 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings 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 purchasing an additional 434,250 shares during the last quarter. Norges Bank purchased a new stake in shares of Molson Coors Beverage during the 4th quarter valued at approximately $142,407,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Molson Coors Beverage by 2.0% in the 4th 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 period. Institutional investors own 78.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. UBS Group increased their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a research note on Friday, February 14th. Berenberg Bank started coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $72.00 price target on shares of Molson Coors Beverage in a research note on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating for the company in a research note on Thursday, January 30th. Finally, Morgan Stanley raised their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an "equal weight" rating in a research report on Friday, February 14th. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $64.39.

Molson Coors Beverage Stock Down 0.2 %

Shares of TAP stock traded down $0.09 during trading hours on Monday, reaching $56.71. 643,784 shares of the stock were exchanged, compared to its average volume of 2,080,271. The firm has a market capitalization of $11.49 billion, a P/E ratio of 10.60, a P/E/G ratio of 1.52 and a beta of 0.69. 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 business's fifty day moving average is $59.96 and its two-hundred day moving average is $58.37. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $64.66.

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

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.31%. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Thursday, February 27th. Molson Coors Beverage's dividend payout ratio is 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.