State of New Jersey Common Pension Fund D Sells 3,238 Shares of Molson Coors Beverage (NYSE:TAP)

State of New Jersey Common Pension Fund D cut its stake in shares of Molson Coors Beverage (NYSE:TAP) by 5.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 59,937 shares of the company’s stock after selling 3,238 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Molson Coors Beverage were worth $3,436,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TAP. Ashton Thomas Securities LLC acquired a new stake in Molson Coors Beverage in the third quarter valued at approximately $35,000. Gladius Capital Management LP acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $42,000. True Wealth Design LLC acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $59,000. Allworth Financial LP grew its position in Molson Coors Beverage by 33.7% during the 3rd quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock worth $68,000 after acquiring an additional 297 shares during the last quarter. Finally, Transamerica Financial Advisors Inc. bought a new position in Molson Coors Beverage in the third quarter valued at about $77,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on TAP. Hsbc Global Res cut Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Barclays upped their price target on shares of Molson Coors Beverage from $48.00 to $56.00 and gave the company an “underweight” rating in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. Morgan Stanley boosted their price objective on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Finally, Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their target price for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.27.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $60.16 on Thursday. The company has a quick ratio of 0.70, a current ratio of 0.94 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 has a fifty day moving average of $56.43 and a 200-day moving average of $56.49. The firm has a market capitalization of $12.39 billion, a P/E ratio of 11.24, a P/E/G ratio of 2.23 and a beta of 0.85.

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. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 6.11 EPS for the current year.

Molson Coors Beverage Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $1.88 annualized dividend and a yield of 3.13%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio is presently 32.90%.

Molson Coors Beverage 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.