Franklin Resources Inc. Has $38.91 Million Position in Molson Coors Beverage (NYSE:TAP)

Franklin Resources Inc. lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 6.0% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 709,469 shares of the company’s stock after selling 45,188 shares during the period. Franklin Resources Inc. owned approximately 0.34% of Molson Coors Beverage worth $38,913,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Synovus Financial Corp bought a new position in Molson Coors Beverage in the 3rd quarter worth approximately $684,000. Tidal Investments LLC grew its stake in shares of Molson Coors Beverage by 19.4% in the third quarter. Tidal Investments LLC now owns 30,362 shares of the company’s stock worth $1,746,000 after acquiring an additional 4,929 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Molson Coors Beverage during the third quarter worth $262,000. World Investment Advisors LLC acquired a new position in Molson Coors Beverage during the 3rd quarter valued at $3,153,000. Finally, Sanctuary Advisors LLC boosted its holdings in Molson Coors Beverage by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 50,704 shares of the company’s stock valued at $3,061,000 after purchasing an additional 4,486 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Trading Down 0.6 %

Shares of TAP stock opened at $59.25 on Wednesday. The company has a market capitalization of $12.21 billion, a P/E ratio of 13.34, a P/E/G ratio of 2.38 and a beta of 0.85. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $58.62 and a 200 day moving average price of $55.06.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the business earned $1.92 EPS. Molson Coors Beverage’s revenue was down 7.8% compared to the same quarter last year. Research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is presently 39.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. TD Cowen cut their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Bank of America raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $70.00 in a report on Friday, December 6th. JPMorgan Chase & Co. upped their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. Finally, BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and a consensus target price of $62.00.

Molson Coors Beverage Company 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.