Sumitomo Mitsui Trust Group Inc. Sells 27,606 Shares of Molson Coors Beverage (NYSE:TAP)

Sumitomo Mitsui Trust Group Inc. decreased its position in Molson Coors Beverage (NYSE:TAP - Free Report) by 7.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 344,132 shares of the company's stock after selling 27,606 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of Molson Coors Beverage worth $19,726,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. State Street Corp increased its position in shares of Molson Coors Beverage by 8.4% in the third quarter. State Street Corp now owns 8,792,196 shares of the company's stock valued at $505,727,000 after acquiring an additional 681,757 shares during the period. River Road Asset Management LLC increased its position in shares of Molson Coors Beverage by 1.8% in the third quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company's stock valued at $96,475,000 after acquiring an additional 29,315 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in shares of Molson Coors Beverage in the third quarter valued at about $48,202,000. FMR LLC increased its position in shares of Molson Coors Beverage by 23.2% during the third quarter. FMR LLC now owns 716,311 shares of the company's stock valued at $41,202,000 after buying an additional 134,689 shares during the period. Finally, Private Management Group Inc. increased its position in shares of Molson Coors Beverage by 5.5% during the third quarter. Private Management Group Inc. now owns 557,742 shares of the company's stock valued at $32,081,000 after buying an additional 29,294 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TAP shares. Citigroup upgraded shares of Molson Coors Beverage from a "sell" rating to a "neutral" rating and boosted their price target for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. BNP Paribas started coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a "neutral" rating and a $64.00 price target on the stock. Morgan Stanley boosted their price target on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the company an "equal weight" rating in a research report on Friday. Needham & Company LLC reiterated a "buy" rating and set a $72.00 price target on shares of Molson Coors Beverage in a research report on Wednesday. Finally, Barclays reduced their price target on shares of Molson Coors Beverage from $51.00 to $48.00 and set an "underweight" rating on the stock in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has an average rating of "Hold" and a consensus target price of $62.73.

Molson Coors Beverage Stock Up 3.0 %

Shares of NYSE TAP traded up $1.79 during midday trading on Friday, hitting $60.33. The stock had a trading volume of 3,271,556 shares, compared to its average volume of 1,967,865. The business's 50 day moving average is $56.50 and its 200-day moving average is $56.31. The company has a market cap of $12.43 billion, a P/E ratio of 13.59, a PEG ratio of 2.07 and a beta of 0.85. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46.

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 (EPS) for the quarter, topping 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%. As a group, analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.12%. The ex-dividend date is Thursday, February 27th. This is an increase from Molson Coors Beverage's previous quarterly dividend of $0.44. Molson Coors Beverage's dividend 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.