Kentucky Retirement Systems Insurance Trust Fund Has $411,000 Stake in Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems Insurance Trust Fund trimmed its stake in Molson Coors Beverage (NYSE:TAP) by 7.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,111 shares of the company’s stock after selling 486 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Molson Coors Beverage were worth $411,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Corient Private Wealth LLC grew its stake in shares of Molson Coors Beverage by 254.5% in the 4th quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock valued at $2,586,000 after buying an additional 30,323 shares during the period. Vinva Investment Management Ltd lifted its position in Molson Coors Beverage by 91.5% in the 4th quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock valued at $5,909,000 after acquiring an additional 46,101 shares in the last quarter. Nordea Investment Management AB lifted its position in Molson Coors Beverage by 153.7% in the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after acquiring an additional 15,648 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Molson Coors Beverage by 220.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after acquiring an additional 336,496 shares in the last quarter. Finally, Norges Bank bought a new position in Molson Coors Beverage in the 4th quarter valued at about $127,337,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TAP has been the topic of several recent analyst reports. Bank of America dropped their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Evercore ISI dropped their target price on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Molson Coors Beverage from $62.00 to $56.00 and set a “hold” rating on the stock in a research report on Thursday. Finally, Jefferies Financial Group dropped their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research report on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $60.47.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded down $1.12 during mid-day trading on Monday, reaching $53.21. The company’s stock had a trading volume of 955,939 shares, compared to its average volume of 1,927,452. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $70.41. The company has a market capitalization of $11.27 billion, a P/E ratio of 10.62, a PEG ratio of 2.33 and a beta of 0.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The firm’s fifty day moving average price is $51.99 and its two-hundred day moving average price is $59.22.

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. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The business had revenue of $2.60 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the previous year, the business earned $0.54 EPS. Molson Coors Beverage’s revenue was up 10.7% compared to the same quarter last year. Sell-side analysts predict that Molson Coors Beverage will post 5.56 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.31%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

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.