Teachers Retirement System of The State of Kentucky Decreases Stake in Molson Coors Beverage (NYSE:TAP)

Teachers Retirement System of The State of Kentucky lowered its stake in shares of Molson Coors Beverage (NYSE:TAP) by 2.7% during the fourth quarter, Holdings Channel reports. The institutional investor owned 13,026 shares of the company’s stock after selling 366 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Molson Coors Beverage were worth $747,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Molson Coors Beverage in the fourth quarter valued at approximately $142,407,000. Raymond James Financial Inc. purchased a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $27,660,000. Bank of New York Mellon Corp increased its stake in Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after acquiring an additional 434,250 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Molson Coors Beverage by 12.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock valued at $215,146,000 after buying an additional 422,515 shares during the period. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Molson Coors Beverage in the 4th quarter valued at $21,496,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price target 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. Barclays reduced their price target on shares of Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $72.00 price objective on shares of Molson Coors Beverage in a report on Monday, April 14th. Morgan Stanley upped their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, February 14th. Finally, UBS Group increased their price objective on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $64.39.

Molson Coors Beverage Price Performance

NYSE TAP opened at $56.82 on Monday. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66. The business’s fifty day moving average is $59.96 and its two-hundred day moving average is $58.37. The stock has a market capitalization of $11.51 billion, a P/E ratio of 10.62, a P/E/G ratio of 1.52 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. On average, research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.31%. The ex-dividend date was Thursday, February 27th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s payout ratio is 35.14%.

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.