State of New Jersey Common Pension Fund D Sells 35,278 Shares of Molson Coors Beverage (NYSE:TAP)

State of New Jersey Common Pension Fund D decreased its position in Molson Coors Beverage (NYSE:TAP) by 35.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 63,175 shares of the company’s stock after selling 35,278 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Molson Coors Beverage were worth $3,211,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in TAP. Norges Bank purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $127,337,000. Capital International Investors boosted its holdings in shares of Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after purchasing an additional 939,142 shares during the period. Ilex Capital Partners UK LLP purchased a new position in shares of Molson Coors Beverage in the 1st quarter worth approximately $53,096,000. Royal London Asset Management Ltd. boosted its holdings in shares of Molson Coors Beverage by 471.2% in the 2nd quarter. Royal London Asset Management Ltd. now owns 452,692 shares of the company’s stock worth $23,010,000 after purchasing an additional 373,440 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of 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 worth $32,910,000 after purchasing an additional 336,496 shares during the period. Institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TAP. TD Cowen cut Molson Coors Beverage from a “buy” rating to a “hold” rating and dropped their target price for the stock from $68.00 to $58.00 in a report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their price objective on Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. UBS Group boosted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Jefferies Financial Group dropped their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Finally, Citigroup dropped their price objective on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and an average target price of $60.53.

Molson Coors Beverage Trading Up 1.0 %

TAP opened at $56.08 on Wednesday. The firm has a market cap of $11.88 billion, a price-to-earnings ratio of 11.22, a PEG ratio of 2.33 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a fifty day moving average price of $53.40 and a 200-day moving average price of $57.07.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.68 by $0.24. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 EPS. As a group, equities research analysts anticipate that Molson Coors Beverage will post 5.75 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business 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 $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Friday, August 30th. Molson Coors Beverage’s payout ratio is 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.