Molson Coors Beverage (NYSE:TAP) Shares Sold by Korea Investment CORP

Korea Investment CORP reduced its stake in shares of Molson Coors Beverage (NYSE:TAP) by 34.4% during the 4th quarter, HoldingsChannel reports. The fund owned 154,178 shares of the company’s stock after selling 80,900 shares during the period. Korea Investment CORP’s holdings in Molson Coors Beverage were worth $8,837,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. FMR LLC boosted its holdings in shares of Molson Coors Beverage by 23.2% in the 3rd 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 during the last quarter. Captrust Financial Advisors boosted its holdings in Molson Coors Beverage by 25.4% in the third quarter. Captrust Financial Advisors now owns 32,090 shares of the company’s stock valued at $1,846,000 after acquiring an additional 6,503 shares during the last quarter. Verition Fund Management LLC grew its position in Molson Coors Beverage by 927.7% during the third quarter. Verition Fund Management LLC now owns 79,617 shares of the company’s stock valued at $4,580,000 after acquiring an additional 71,870 shares during the period. Paloma Partners Management Co increased its stake in Molson Coors Beverage by 116.1% during the third quarter. Paloma Partners Management Co now owns 11,060 shares of the company’s stock worth $636,000 after acquiring an additional 5,942 shares during the last quarter. Finally, Benjamin Edwards Inc. raised its holdings in shares of Molson Coors Beverage by 7,317.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 15,873 shares of the company’s stock worth $913,000 after purchasing an additional 15,659 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TAP. JPMorgan Chase & Co. decreased their target price on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. Morgan Stanley increased 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 report on Friday, February 14th. UBS Group lifted their target price on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $72.00 price target on shares of Molson Coors Beverage in a research report on Wednesday, February 12th. Finally, Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price objective for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Eleven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $63.60.

Molson Coors Beverage Trading Up 0.7 %

Shares of TAP opened at $60.95 on Tuesday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The stock has a 50-day moving average price of $58.22 and a 200 day moving average price of $57.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The company has a market capitalization of $12.35 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, February 13th. The company reported $1.30 EPS 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 company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. Sell-side analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Thursday, February 27th were issued a dividend of $0.47 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 annualized dividend and a yield of 3.08%. The ex-dividend date was Thursday, February 27th. 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.