Aviance Capital Partners LLC Sells 1,374 Shares of Molson Coors Beverage (NYSE:TAP)

Aviance Capital Partners LLC lowered its position in Molson Coors Beverage (NYSE:TAP) by 5.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 23,362 shares of the company’s stock after selling 1,374 shares during the period. Aviance Capital Partners LLC’s holdings in Molson Coors Beverage were worth $1,430,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in shares of Molson Coors Beverage by 76.0% in the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after purchasing an additional 1,500,269 shares in the last quarter. Morgan Stanley raised its holdings in Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after buying an additional 988,864 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Molson Coors Beverage by 13.0% in the third quarter. Invesco Ltd. now owns 3,087,469 shares of the company’s stock valued at $196,332,000 after buying an additional 355,694 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Molson Coors Beverage by 9,466.3% during the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock worth $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Molson Coors Beverage by 12.1% in the 3rd quarter. Northern Trust Corp now owns 2,017,226 shares of the company’s stock worth $128,275,000 after acquiring an additional 218,002 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the topic of several recent research reports. Piper Sandler started coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price target on the stock. Evercore ISI decreased their price target on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price objective for the company from $66.00 to $75.00 in a research note on Tuesday, April 9th. Citigroup cut their price objective on shares of Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a report on Wednesday, May 1st. Finally, TheStreet upgraded shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $65.53.

Molson Coors Beverage Stock Performance

NYSE TAP traded down $0.58 on Monday, hitting $57.27. 2,342,253 shares of the stock traded hands, compared to its average volume of 1,770,959. 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 business’s fifty day moving average is $64.66 and its two-hundred day moving average is $62.36. Molson Coors Beverage has a 12 month low of $55.67 and a 12 month high of $70.90. The firm has a market capitalization of $12.18 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 2.09 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the prior year, the firm earned $0.54 EPS. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, equities analysts anticipate that Molson Coors Beverage will post 5.67 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Thursday, February 29th. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.20%.

Insider Transactions at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.71% of the company’s stock.

About Molson Coors Beverage

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.