MAI Capital Management Sells 883 Shares of Molson Coors Beverage (NYSE:TAP)

MAI Capital Management decreased its position in Molson Coors Beverage (NYSE:TAP) by 8.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,438 shares of the company’s stock after selling 883 shares during the quarter. MAI Capital Management’s holdings in Molson Coors Beverage were worth $543,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. iA Global Asset Management Inc. increased its stake in shares of Molson Coors Beverage by 117.5% in the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after acquiring an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP increased its stake in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after purchasing an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Molson Coors Beverage during the second quarter valued at approximately $3,842,000. Canada Pension Plan Investment Board boosted its position in shares of Molson Coors Beverage by 28.5% in the 1st quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock worth $20,895,000 after purchasing an additional 68,900 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of Molson Coors Beverage by 4.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock worth $35,023,000 after buying an additional 27,203 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $60.36 on Friday. The firm has a market capitalization of $12.43 billion, a P/E ratio of 13.59, a PEG ratio of 2.35 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The business has a fifty day moving average of $56.73 and a 200 day moving average of $54.46.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results 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. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.92 EPS. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.44 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.92%. Molson Coors Beverage’s payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Hsbc Global Res downgraded shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Piper Sandler lifted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. UBS Group increased their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, TD Cowen decreased their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.31.

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.