Wedge Capital Management L L P NC Has $29.92 Million Stake in Molson Coors Beverage (NYSE:TAP)

Wedge Capital Management L L P NC lowered its holdings in Molson Coors Beverage (NYSE:TAP - Free Report) by 19.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 521,970 shares of the company's stock after selling 126,734 shares during the quarter. Wedge Capital Management L L P NC owned 0.25% of Molson Coors Beverage worth $29,919,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Molson Coors Beverage by 8.4% during the third quarter. State Street Corp now owns 8,792,196 shares of the company's stock valued at $505,727,000 after purchasing an additional 681,757 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company's stock worth $274,341,000 after acquiring an additional 2,155,842 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company's stock worth $131,130,000 after acquiring an additional 434,685 shares during the period. River Road Asset Management LLC increased its stake in 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. Finally, Thompson Siegel & Walmsley LLC acquired a new position in Molson Coors Beverage in the third quarter worth about $48,202,000. 78.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. BNP Paribas started coverage on Molson Coors Beverage in a research note on Monday, November 25th. They set a "neutral" rating and a $64.00 price objective for the company. Bank of America upgraded shares of Molson Coors Beverage from a "neutral" rating to a "buy" rating and boosted their price target for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Needham & Company LLC initiated coverage on shares of Molson Coors Beverage in a report on Friday, December 6th. They set a "buy" rating and a $72.00 price objective for the company. Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Finally, StockNews.com raised Molson Coors Beverage from a "hold" rating to a "buy" rating in a report on Monday, January 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and a consensus price target of $61.79.

Molson Coors Beverage Stock Up 0.6 %

TAP stock traded up $0.35 during mid-day trading on Friday, hitting $55.33. 1,944,811 shares of the company were exchanged, compared to its average volume of 1,421,203. The firm has a market cap of $11.40 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.96 and a beta of 0.86. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The firm's 50 day simple moving average is $59.10 and its 200 day simple moving average is $55.89.

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, beating analysts' consensus estimates of $1.67 by $0.13. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The company's quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.92 earnings per share. On average, sell-side analysts predict that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date was Friday, December 6th. 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.