Allspring Global Investments Holdings LLC Cuts Stock Position in Molson Coors Beverage (NYSE:TAP)

Allspring Global Investments Holdings LLC reduced its position in Molson Coors Beverage (NYSE:TAP) by 24.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,875 shares of the company’s stock after selling 49,944 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of Molson Coors Beverage worth $9,357,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP purchased a new position in shares of Molson Coors Beverage in the 2nd quarter worth about $25,000. Stone House Investment Management LLC purchased a new position in shares of Molson Coors Beverage in the 3rd quarter worth about $32,000. Allworth Financial LP boosted its holdings in shares of Molson Coors Beverage by 179.4% in the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after purchasing an additional 400 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in shares of Molson Coors Beverage by 85.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 650 shares of the company’s stock worth $33,000 after purchasing an additional 300 shares in the last quarter. Finally, First Capital Advisors Group LLC. purchased a new position in shares of Molson Coors Beverage in the 2nd quarter worth about $44,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.71% of the company’s stock.

Molson Coors Beverage Stock Down 2.3 %

Shares of NYSE:TAP opened at $63.26 on Wednesday. Molson Coors Beverage has a 52-week low of $55.67 and a 52-week high of $70.90. The firm has a market capitalization of $13.65 billion, a P/E ratio of 14.51, a P/E/G ratio of 2.31 and a beta of 0.84. The stock has a 50 day moving average price of $64.75 and a 200-day moving average price of $62.20. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm had revenue of $2.79 billion during the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the prior year, the company earned $1.30 EPS. The business’s revenue was up 6.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.44 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.78%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is currently 40.37%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TAP shares. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their target price for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Piper Sandler started coverage on Molson Coors Beverage in a report on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price for the company. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, Citigroup increased their target price on Molson Coors Beverage from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $68.27.

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.