Molson Coors Beverage (NYSE:TAP) Stake Reduced by OneDigital Investment Advisors LLC

OneDigital Investment Advisors LLC lessened its position in Molson Coors Beverage (NYSE:TAP) by 17.8% during the fourth quarter, Holdings Channel reports. The fund owned 12,067 shares of the company’s stock after selling 2,610 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Molson Coors Beverage were worth $692,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Molson Coors Beverage in the fourth quarter valued at approximately $142,407,000. Raymond James Financial Inc. bought a new stake in shares of Molson Coors Beverage during the fourth quarter valued at about $27,660,000. Bank of New York Mellon Corp lifted its holdings in Molson Coors Beverage by 14.0% in the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after purchasing an additional 434,250 shares during the period. Dimensional Fund Advisors LP grew its position in Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock valued at $215,146,000 after buying an additional 422,515 shares in the last quarter. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Molson Coors Beverage during the 4th quarter worth about $21,496,000. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Down 2.6 %

NYSE:TAP opened at $56.82 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $64.66. The business’s fifty day moving average price is $59.96 and its 200 day moving average price is $58.34. The firm has a market capitalization of $11.51 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.52 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.71 billion. On average, sell-side analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.31%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.14%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TAP. UBS Group boosted their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Barclays cut their price objective on Molson Coors Beverage from $62.00 to $61.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Morgan Stanley boosted their price target on shares of Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Friday, February 14th. JPMorgan Chase & Co. reduced their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Finally, Berenberg Bank began coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 target price on the stock. Eleven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $64.39.

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.