D.A. Davidson & CO. Trims Position in Molson Coors Beverage (NYSE:TAP)

D.A. Davidson & CO. trimmed its stake in Molson Coors Beverage (NYSE:TAP) by 38.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,040 shares of the company’s stock after selling 10,445 shares during the period. D.A. Davidson & CO.’s holdings in Molson Coors Beverage were worth $977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in TAP. State Street Corp raised its holdings 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 in the last quarter. River Road Asset Management LLC raised its holdings in shares of Molson Coors Beverage by 1.8% in the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock valued at $96,475,000 after purchasing an additional 29,315 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new stake in shares of Molson Coors Beverage in the 3rd quarter worth approximately $48,202,000. FMR LLC boosted its stake 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 purchasing an additional 134,689 shares in the last quarter. Finally, Private Management Group Inc. boosted its stake 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 purchasing an additional 29,294 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Barclays upped their target price on Molson Coors Beverage from $48.00 to $56.00 and gave the stock an “underweight” rating in a report on Tuesday, February 18th. BNP Paribas assumed 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. JPMorgan Chase & Co. dropped their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. Bank of America upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Finally, Morgan Stanley raised 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 report on Friday, February 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and an average price target of $63.27.

Molson Coors Beverage Price Performance

NYSE TAP opened at $60.29 on Monday. The company has a market cap of $12.42 billion, a price-to-earnings ratio of 11.27, a PEG ratio of 1.52 and a beta of 0.85. 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 stock’s fifty day moving average price is $56.41 and its 200 day moving average price is $56.63. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly 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 return on equity of 9.34% and a net margin of 8.17%. The business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.71 billion. As a group, equities research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Thursday, February 27th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.12%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 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.