Hsbc Holdings PLC trimmed its position in Molson Coors Beverage Company (NYSE:TAP – Free Report) by 53.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 221,610 shares of the company’s stock after selling 250,898 shares during the period. Hsbc Holdings PLC’s holdings in Molson Coors Beverage were worth $10,356,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd increased its holdings in shares of Molson Coors Beverage by 254.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,580 shares of the company’s stock worth $214,000 after buying an additional 3,287 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Molson Coors Beverage by 3,664.4% in the fourth quarter. Pacer Advisors Inc. now owns 908,166 shares of the company’s stock valued at $42,393,000 after acquiring an additional 884,041 shares during the last quarter. Kera Capital Partners Inc. purchased a new position in Molson Coors Beverage in the fourth quarter worth approximately $229,000. Virtu Financial LLC purchased a new position in Molson Coors Beverage in the fourth quarter worth approximately $958,000. Finally, Invesco Ltd. increased its stake in Molson Coors Beverage by 1.2% during the fourth quarter. Invesco Ltd. now owns 4,485,000 shares of the company’s stock worth $209,360,000 after acquiring an additional 54,456 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.
Insider Activity at Molson Coors Beverage
In other news, Director Geoffrey E. Molson sold 1,245 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the completion of the transaction, the director directly owned 9,871 shares of the company’s stock, valued at approximately $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.27% of the company’s stock.
Molson Coors Beverage Stock Performance
Molson Coors Beverage (NYSE:TAP – Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the previous year, the firm posted $0.50 EPS. Molson Coors Beverage’s revenue for the quarter was up 2.0% on a year-over-year basis. On average, research analysts predict that Molson Coors Beverage Company will post 4.8 EPS for the current fiscal year.
Molson Coors Beverage Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 4.7%. The ex-dividend date was Friday, May 29th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently -18.05%.
Analyst Upgrades and Downgrades
TAP has been the topic of a number of research analyst reports. Wall Street Zen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Needham & Company LLC cut their price objective on Molson Coors Beverage from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Barclays cut their price objective on Molson Coors Beverage from $43.00 to $41.00 and set an “underweight” rating for the company in a research report on Friday, May 1st. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $42.00 target price on shares of Molson Coors Beverage in a research report on Friday, May 1st. Finally, Jefferies Financial Group dropped their price target on shares of Molson Coors Beverage from $43.00 to $41.00 in a research report on Friday, June 12th. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $44.88.
Check Out Our Latest Research Report on Molson Coors Beverage
About Molson Coors Beverage
Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.
In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.
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