State of Alaska Department of Revenue Sells 10,179 Shares of Molson Coors Beverage (NYSE:TAP)

State of Alaska Department of Revenue cut its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 33.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,918 shares of the company's stock after selling 10,179 shares during the period. State of Alaska Department of Revenue's holdings in Molson Coors Beverage were worth $1,141,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Ashton Thomas Securities LLC acquired a new stake in Molson Coors Beverage in the third quarter worth approximately $35,000. Gladius Capital Management LP acquired a new stake in Molson Coors Beverage in the third quarter worth approximately $42,000. True Wealth Design LLC acquired a new stake in Molson Coors Beverage in the third quarter worth approximately $59,000. Allworth Financial LP lifted its position in Molson Coors Beverage by 33.7% in 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 period. Finally, Transamerica Financial Advisors Inc. acquired a new stake in Molson Coors Beverage in the third quarter worth approximately $77,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Up 3.0 %

NYSE:TAP traded up $1.79 during trading hours on Friday, hitting $60.33. 3,271,556 shares of the stock traded hands, compared to its average volume of 1,967,865. The firm has a 50 day moving average price of $56.50 and a 200 day moving average price of $56.31. 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 has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market cap of $12.43 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 2.07 and a beta of 0.85.

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, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. Equities research analysts anticipate that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be issued a dividend of $0.47 per share. This is a boost from Molson Coors Beverage's previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a dividend yield of 3.12%. The ex-dividend date of this dividend is Thursday, February 27th. Molson Coors Beverage's payout ratio is currently 39.64%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TAP. Bank of America upgraded Molson Coors Beverage from a "neutral" rating to a "buy" rating and upped their target price for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. Wells Fargo & Company upgraded Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their target price for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Citigroup raised Molson Coors Beverage from a "sell" rating to a "neutral" rating and upped their price target for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. BNP Paribas started coverage on Molson Coors Beverage in a report on Monday, November 25th. They issued a "neutral" rating and a $64.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $62.73.

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.