Private Management Group Inc. Sells 1,619 Shares of Molson Coors Beverage (NYSE:TAP)

Private Management Group Inc. reduced its stake in Molson Coors Beverage (NYSE:TAP) by 0.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 268,803 shares of the company’s stock after selling 1,619 shares during the quarter. Private Management Group Inc.’s holdings in Molson Coors Beverage were worth $16,453,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Tennessee Valley Asset Management Partners bought a new position in shares of Molson Coors Beverage in the 4th quarter valued at $29,000. Stone House Investment Management LLC bought a new position in shares of Molson Coors Beverage in the 3rd quarter valued at $32,000. Allworth Financial LP lifted its stake in shares of Molson Coors Beverage by 179.4% in the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after acquiring an additional 400 shares during the last quarter. Ronald Blue Trust Inc. lifted its stake in shares of Molson Coors Beverage by 118.0% in the 3rd quarter. Ronald Blue Trust Inc. now owns 835 shares of the company’s stock valued at $55,000 after acquiring an additional 452 shares during the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Molson Coors Beverage in the 4th quarter valued at $61,000. 78.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TAP has been the subject of a number of recent research reports. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price objective for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Citigroup increased their price objective on Molson Coors Beverage from $63.00 to $66.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Barclays increased their price objective on Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. StockNews.com upgraded Molson Coors Beverage from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Finally, TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $68.73.

Molson Coors Beverage Trading Down 0.6 %

Shares of NYSE TAP traded down $0.39 during midday trading on Tuesday, hitting $64.13. 2,034,247 shares of the company traded hands, compared to its average volume of 1,665,057. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The stock has a 50-day moving average price of $65.02 and a 200 day moving average price of $62.27. The firm has a market cap of $13.63 billion, a P/E ratio of 14.71, a P/E/G ratio of 2.22 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The business had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.30 earnings per share. As a group, analysts expect that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is 40.37%.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.71% of the company’s stock.

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.