Balentine LLC Decreases Stake in Molson Coors Beverage (NYSE:TAP)

Balentine LLC cut its stake in shares of Molson Coors Beverage (NYSE:TAP) by 11.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,635 shares of the company’s stock after selling 822 shares during the period. Balentine LLC’s holdings in Molson Coors Beverage were worth $406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TAP. Tennessee Valley Asset Management Partners purchased a new stake in Molson Coors Beverage during the fourth quarter valued at approximately $29,000. Montag A & Associates Inc. purchased a new stake in Molson Coors Beverage during the fourth quarter valued at approximately $31,000. Stone House Investment Management LLC purchased a new stake in Molson Coors Beverage during the third quarter valued at approximately $32,000. Allworth Financial LP grew its stake in shares of Molson Coors Beverage by 179.4% during the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after buying an additional 400 shares during the last quarter. Finally, Partnership Wealth Management LLC bought a new position in shares of Molson Coors Beverage during the fourth quarter valued at approximately $43,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $55.20 on Wednesday. The stock has a 50-day simple moving average of $63.34 and a two-hundred day simple moving average of $62.32. The firm has a market capitalization of $11.70 billion, a P/E ratio of 11.03, a PEG ratio of 1.99 and a beta of 0.86. Molson Coors Beverage has a fifty-two week low of $54.94 and a fifty-two week high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business posted $0.54 EPS. On average, equities analysts forecast that Molson Coors Beverage will post 5.69 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be paid a dividend of $0.44 per share. The ex-dividend date is Friday, June 7th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.19%. Molson Coors Beverage’s payout ratio is currently 35.20%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. UBS Group cut their target price on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Piper Sandler initiated coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 target price on the stock. Citigroup dropped their price objective on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. dropped their price objective on Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $65.53.

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.