Wedge Capital Management L L P NC Lowers Holdings in Molson Coors Beverage (NYSE:TAP)

Wedge Capital Management L L P NC cut its stake in Molson Coors Beverage (NYSE:TAP) by 19.5% in the fourth quarter, HoldingsChannel reports. The fund owned 521,970 shares of the company’s stock after selling 126,734 shares during the period. Wedge Capital Management L L P NC’s holdings in Molson Coors Beverage were worth $29,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of TAP. Acadian Asset Management LLC purchased a new stake in shares of Molson Coors Beverage during the 2nd quarter worth about $163,000. Envestnet Asset Management Inc. boosted its position in Molson Coors Beverage by 51.7% during the second quarter. Envestnet Asset Management Inc. now owns 558,810 shares of the company’s stock worth $28,404,000 after purchasing an additional 190,394 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Molson Coors Beverage by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after purchasing an additional 434,685 shares during the period. Mercer Global Advisors Inc. ADV increased its position in shares of Molson Coors Beverage by 22.2% in the second quarter. Mercer Global Advisors Inc. ADV now owns 127,016 shares of the company’s stock valued at $6,450,000 after buying an additional 23,036 shares in the last quarter. Finally, Amalgamated Bank raised its stake in shares of Molson Coors Beverage by 51.2% during the 2nd quarter. Amalgamated Bank now owns 58,030 shares of the company’s stock worth $2,950,000 after buying an additional 19,654 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TAP. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They set a “buy” rating and a $72.00 target price for the company. TD Cowen decreased 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 research note on Tuesday, October 8th. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $57.00 to $70.00 in a research note on Friday, December 6th. Finally, Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $61.79.

Molson Coors Beverage Trading Up 0.6 %

Shares of TAP stock opened at $55.33 on Friday. 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 twelve month low of $49.19 and a twelve month high of $69.18. The company’s 50-day moving average price is $59.10 and its 200-day moving average price is $55.89. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of 12.46, a PEG ratio of 1.96 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate 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 net margin of 6.78% and a return on equity of 9.24%. Molson Coors Beverage’s revenue was down 7.8% on a year-over-year basis. During the same period in the previous year, the business posted $1.92 EPS. As a group, equities analysts predict that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a dividend of $0.44 per share. The ex-dividend date was Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 3.18%. Molson Coors Beverage’s dividend payout ratio (DPR) is 39.64%.

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.