Kentucky Retirement Systems Trims Stock Position in Molson Coors Beverage Company (NYSE:TAP)

Kentucky Retirement Systems lessened its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 3.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,665 shares of the company’s stock after selling 408 shares during the quarter. Kentucky Retirement Systems’ holdings in Molson Coors Beverage were worth $710,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Financial Management Professionals Inc. raised its stake in shares of Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock worth $31,000 after purchasing an additional 493 shares during the last quarter. Truvestments Capital LLC raised its position in Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after buying an additional 202 shares during the last quarter. First Financial Corp IN purchased a new position in Molson Coors Beverage during the 1st quarter worth $37,000. CoreCap Advisors LLC raised its position in Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after buying an additional 643 shares during the last quarter. Finally, Quarry LP raised its holdings in Molson Coors Beverage by 55.1% during the fourth quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after purchasing an additional 254 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on TAP shares. Morgan Stanley cut their price target on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a report on Friday, May 9th. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a “buy” rating and a $86.90 target price for the company. Wells Fargo & Company cut their price objective on Molson Coors Beverage from $65.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Wall Street Zen cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $61.79.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the transaction, the director now owns 27,595 shares of the company’s stock, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 2.71% of the company’s stock.

Molson Coors Beverage Trading Down 2.0%

Shares of TAP stock opened at $47.27 on Thursday. Molson Coors Beverage Company has a fifty-two week low of $47.05 and a fifty-two week high of $64.66. The stock has a market cap of $9.56 billion, a P/E ratio of 9.51, a P/E/G ratio of 1.80 and a beta of 0.72. The business has a fifty day simple moving average of $54.14 and a 200-day simple moving average of $56.85. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business posted $0.95 earnings per share. The business’s revenue was down 11.3% compared to the same quarter last year. On average, analysts forecast that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.98%. Molson Coors Beverage’s dividend payout ratio (DPR) is 37.83%.

Molson Coors Beverage 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.