Teachers Retirement System of The State of Kentucky Trims Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Teachers Retirement System of The State of Kentucky lowered its position in shares of Molson Coors Beverage (NYSE:TAP) by 11.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 13,392 shares of the company’s stock after selling 1,790 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Molson Coors Beverage were worth $770,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of TAP. Clark Estates Inc. NY lifted its position in Molson Coors Beverage by 18.1% during the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock valued at $3,451,000 after acquiring an additional 9,200 shares during the period. Wakefield Asset Management LLLP lifted its holdings in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Qsemble Capital Management LP boosted its position in shares of Molson Coors Beverage by 23.5% in the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock worth $2,788,000 after purchasing an additional 9,234 shares in the last quarter. Quest Partners LLC grew its stake in shares of Molson Coors Beverage by 252,400.0% in the 2nd quarter. Quest Partners LLC now owns 17,675 shares of the company’s stock worth $898,000 after buying an additional 17,668 shares during the last quarter. Finally, 1832 Asset Management L.P. bought a new position in Molson Coors Beverage during the 2nd quarter valued at approximately $1,237,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $58.32 on Thursday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The business has a fifty day moving average of $58.73 and a 200 day moving average of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a market capitalization of $12.01 billion, a P/E ratio of 13.14, a PEG ratio of 2.38 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.92 EPS. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a dividend yield of 3.02%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. BNP Paribas started coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 price target on the stock. Finally, TD Cowen decreased their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage has an average 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.