VIRGINIA RETIREMENT SYSTEMS ET Al Sells 261,926 Shares of Molson Coors Beverage Company $TAP

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 43.5% in the fourth quarter, HoldingsChannel reports. The firm owned 340,800 shares of the company’s stock after selling 261,926 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Molson Coors Beverage were worth $15,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TAP. Dodge & Cox boosted its position in Molson Coors Beverage by 29.4% during the third quarter. Dodge & Cox now owns 18,631,224 shares of the company’s stock worth $843,063,000 after purchasing an additional 4,235,029 shares during the period. State Street Corp boosted its position in Molson Coors Beverage by 19.2% during the third quarter. State Street Corp now owns 10,516,810 shares of the company’s stock worth $475,886,000 after purchasing an additional 1,693,682 shares during the period. Royal London Asset Management Ltd. boosted its position in Molson Coors Beverage by 317.9% during the second quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company’s stock worth $98,297,000 after purchasing an additional 1,554,851 shares during the period. M&T Bank Corp boosted its position in Molson Coors Beverage by 16,111.2% during the fourth quarter. M&T Bank Corp now owns 1,499,699 shares of the company’s stock worth $70,006,000 after purchasing an additional 1,490,448 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Molson Coors Beverage by 22.9% during the third quarter. Dimensional Fund Advisors LP now owns 6,425,043 shares of the company’s stock worth $290,741,000 after purchasing an additional 1,195,249 shares during the period. 78.46% of the stock is owned by institutional investors.

Insider Activity

In other Molson Coors Beverage news, Director Andrew Thomas Molson bought 2,000 shares of Molson Coors Beverage stock in a transaction dated Monday, March 9th. The stock was bought at an average price of $46.67 per share, with a total value of $93,340.00. Following the completion of the transaction, the director owned 24,654 shares in the company, valued at $1,150,602.18. The trade was a 8.83% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.27% of the company’s stock.

Molson Coors Beverage Trading Up 0.3%

Shares of Molson Coors Beverage stock opened at $41.44 on Thursday. The firm has a 50-day moving average of $43.51 and a 200-day moving average of $46.20. The stock has a market cap of $7.77 billion, a PE ratio of -3.90 and a beta of 0.44. Molson Coors Beverage Company has a 52-week low of $40.64 and a 52-week high of $57.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.26. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. Molson Coors Beverage’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 earnings per share. As a group, sell-side analysts forecast that Molson Coors Beverage Company will post 4.74 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, May 29th. Molson Coors Beverage’s payout ratio is presently -18.05%.

Analyst Ratings Changes

A number of research firms have commented on TAP. Evercore reduced their price objective on shares of Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. Piper Sandler reduced their price objective on shares of Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Thursday, February 19th. Morgan Stanley reduced their price objective on shares of Molson Coors Beverage from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, May 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Friday, March 27th. Finally, Jefferies Financial Group reduced their price objective on shares of Molson Coors Beverage from $45.00 to $43.00 and set a “hold” rating for the company in a research report on Monday, April 20th. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus price target of $45.71.

About Molson Coors Beverage

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.