Texas Permanent School Fund Corp Cuts Holdings in Molson Coors Beverage (NYSE:TAP)

Texas Permanent School Fund Corp cut its position in shares of Molson Coors Beverage (NYSE:TAP) by 20.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,617 shares of the company’s stock after selling 7,661 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Molson Coors Beverage were worth $1,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Corient Private Wealth LLC boosted its holdings in Molson Coors Beverage by 254.5% during the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock worth $2,586,000 after purchasing an additional 30,323 shares during the last quarter. Vinva Investment Management Ltd boosted its holdings in Molson Coors Beverage by 91.5% during the fourth quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock worth $5,909,000 after purchasing an additional 46,101 shares during the last quarter. Nordea Investment Management AB boosted its stake in Molson Coors Beverage by 153.7% in the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after acquiring an additional 15,648 shares during the last quarter. iA Global Asset Management Inc. boosted its stake in Molson Coors Beverage by 117.5% in the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after acquiring an additional 17,062 shares during the last quarter. Finally, Wakefield Asset Management LLLP boosted its stake in Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after acquiring an additional 29,552 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on TAP. TD Cowen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating and dropped their target price for the company from $68.00 to $58.00 in a research note on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Piper Sandler boosted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company boosted their target price on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Finally, Bank of America dropped their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $60.53.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $55.35 on Thursday. The company’s fifty day moving average price is $53.52 and its 200-day moving average price is $57.03. The firm has a market capitalization of $11.73 billion, a price-to-earnings ratio of 11.07, a PEG ratio of 2.33 and a beta of 0.81. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The company had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. During the same quarter in the prior year, the company earned $1.78 EPS. The firm’s revenue was down .4% on a year-over-year basis. On average, 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 firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, August 30th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.18%. Molson Coors Beverage’s dividend payout ratio (DPR) 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.