Toronto Dominion Bank Sells 36,617 Shares of Molson Coors Beverage (NYSE:TAP)

Toronto Dominion Bank decreased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 34.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 68,302 shares of the company’s stock after selling 36,617 shares during the quarter. Toronto Dominion Bank’s holdings in Molson Coors Beverage were worth $3,472,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in TAP. Family Firm Inc. acquired a new stake in shares of Molson Coors Beverage during the second quarter worth $26,000. Raleigh Capital Management Inc. boosted its holdings in Molson Coors Beverage by 2,087.5% during the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock worth $32,000 after buying an additional 501 shares during the last quarter. Altshuler Shaham Ltd acquired a new position in shares of Molson Coors Beverage during the 2nd quarter worth about $27,000. Transcendent Capital Group LLC bought a new stake in shares of Molson Coors Beverage in the 4th quarter valued at about $36,000. Finally, Crewe Advisors LLC acquired a new stake in shares of Molson Coors Beverage in the 1st quarter valued at approximately $43,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 2.7 %

Shares of Molson Coors Beverage stock opened at $56.83 on Monday. The firm has a market cap of $12.04 billion, a PE ratio of 11.37, a P/E/G ratio of 2.38 and a beta of 0.81. The business’s 50 day simple moving average is $54.03 and its 200 day simple moving average is $56.51. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The firm’s revenue was down .4% compared to the same quarter last year. During the same period last year, the company earned $1.78 earnings per share. On average, analysts predict that Molson Coors Beverage will post 5.75 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $1.76 annualized dividend and a yield of 3.10%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Jefferies Financial Group decreased their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Piper Sandler boosted their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. TD Cowen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $68.00 to $58.00 in a research note on Wednesday, August 7th. Barclays lifted their target price on Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Thursday, August 8th. Finally, UBS Group increased their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $60.53.

About Molson Coors Beverage

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.