Resona Asset Management Co. Ltd. Sells 54,018 Shares of Molson Coors Beverage Company $TAP

Resona Asset Management Co. Ltd. lessened its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 96.0% in the 4th quarter, Holdings Channel reports. The firm owned 2,253 shares of the company’s stock after selling 54,018 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Molson Coors Beverage were worth $105,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Dodge & Cox boosted its holdings in shares of Molson Coors Beverage by 29.4% during the 3rd quarter. Dodge & Cox now owns 18,631,224 shares of the company’s stock valued at $843,063,000 after purchasing an additional 4,235,029 shares during the last quarter. State Street Corp boosted its holdings in shares of Molson Coors Beverage by 19.2% during the 3rd quarter. State Street Corp now owns 10,516,810 shares of the company’s stock valued at $475,886,000 after purchasing an additional 1,693,682 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Molson Coors Beverage by 22.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 6,425,043 shares of the company’s stock valued at $290,741,000 after purchasing an additional 1,195,249 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in shares of Molson Coors Beverage by 317.9% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company’s stock valued at $98,297,000 after purchasing an additional 1,554,851 shares during the last quarter. Finally, Schroder Investment Management Group boosted its holdings in shares of Molson Coors Beverage by 21.2% during the 3rd quarter. Schroder Investment Management Group now owns 1,947,454 shares of the company’s stock valued at $88,122,000 after purchasing an additional 340,433 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 0.1%

Shares of NYSE:TAP opened at $42.52 on Monday. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.38. Molson Coors Beverage Company has a 12 month low of $40.64 and a 12 month high of $54.82. The company has a 50-day moving average price of $42.85 and a 200 day moving average price of $46.08. The company has a market cap of $7.97 billion, a price-to-earnings ratio of -4.00 and a beta of 0.44.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.26. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The firm’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 earnings per share. As a group, equities research analysts predict that Molson Coors Beverage Company will post 4.74 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be issued a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Friday, May 29th. Molson Coors Beverage’s dividend payout ratio is presently -18.05%.

Insider Activity at Molson Coors Beverage

In other Molson Coors Beverage news, Director Andrew Thomas Molson purchased 2,000 shares of Molson Coors Beverage stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $46.67 per share, for a total transaction of $93,340.00. Following the completion of the acquisition, the director owned 24,654 shares in the company, valued at $1,150,602.18. This represents a 8.83% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director owned 9,871 shares in the company, valued at approximately $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Piper Sandler lowered their price target on shares of Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Thursday, February 19th. Bank of America downgraded shares of Molson Coors Beverage from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $50.00 to $42.00 in a report on Wednesday, February 25th. Evercore lowered their price target on shares of Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a report on Tuesday, April 21st. Wall Street Zen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Finally, TD Cowen lowered their price target on shares of Molson Coors Beverage from $47.00 to $43.00 and set a “hold” rating for the company in a report on Friday, February 20th. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $45.59.

Molson Coors Beverage Company Profile

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.