Wellington Management Group LLP Sells 1,576 Shares of Molson Coors Beverage (NYSE:TAP)

Wellington Management Group LLP decreased its holdings in Molson Coors Beverage (NYSE:TAP) by 20.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,192 shares of the company’s stock after selling 1,576 shares during the period. Wellington Management Group LLP’s holdings in Molson Coors Beverage were worth $356,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of TAP. Family Firm Inc. purchased a new position in Molson Coors Beverage in the 2nd quarter valued at approximately $26,000. Verdence Capital Advisors LLC lifted its holdings in Molson Coors Beverage by 16.5% during the 2nd quarter. Verdence Capital Advisors LLC now owns 6,292 shares of the company’s stock worth $320,000 after purchasing an additional 893 shares in the last quarter. Alpha Omega Wealth Management LLC lifted its holdings in Molson Coors Beverage by 8.4% during the 2nd quarter. Alpha Omega Wealth Management LLC now owns 69,686 shares of the company’s stock worth $3,542,000 after purchasing an additional 5,422 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Molson Coors Beverage by 7.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 524,054 shares of the company’s stock worth $26,638,000 after purchasing an additional 34,683 shares during the period. Finally, Railway Pension Investments Ltd purchased a new position in Molson Coors Beverage during the 2nd quarter valued at about $10,501,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analyst Ratings Changes

TAP has been the subject of several recent analyst reports. Needham & Company LLC started coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They set a “buy” rating and a $72.00 price objective for the company. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. upped their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, TD Cowen dropped their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $62.00.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $59.34 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a fifty day moving average of $58.89 and a 200-day moving average of $55.14. The stock has a market capitalization of $12.22 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 2.38 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same period last year, the firm earned $1.92 earnings per share. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities research analysts expect that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were paid a $0.44 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a yield of 2.97%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 39.64%.

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.