AQR Capital Management LLC Reduces Stock Holdings in Molson Coors Beverage (NYSE:TAP)

AQR Capital Management LLC cut its holdings in Molson Coors Beverage (NYSE:TAP) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,790,486 shares of the company’s stock after selling 21,817 shares during the period. AQR Capital Management LLC owned about 2.26% of Molson Coors Beverage worth $241,393,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in TAP. Corient Private Wealth LLC lifted its holdings in shares of Molson Coors Beverage by 254.5% in the fourth quarter. Corient Private Wealth LLC now owns 42,240 shares of the company’s stock valued at $2,586,000 after purchasing an additional 30,323 shares in the last quarter. Vinva Investment Management Ltd lifted its stake in Molson Coors Beverage by 91.5% in the 4th quarter. Vinva Investment Management Ltd now owns 96,478 shares of the company’s stock valued at $5,909,000 after buying an additional 46,101 shares in the last quarter. Nordea Investment Management AB grew its holdings in Molson Coors Beverage by 153.7% during the 1st quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after buying an additional 15,648 shares during the last quarter. iA Global Asset Management Inc. increased its position in Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after buying an additional 17,062 shares in the last quarter. Finally, Wakefield Asset Management LLLP raised its holdings in shares of Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after acquiring an additional 29,552 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Down 0.0 %

NYSE TAP opened at $54.60 on Thursday. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 2.38 and a beta of 0.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company’s 50 day moving average price is $53.90 and its 200 day moving average price is $56.72.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Tuesday, August 6th. The company reported $1.92 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 business had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter last year, the firm posted $1.78 EPS. The business’s revenue for the quarter was down .4% compared to the same quarter last year. On average, sell-side analysts predict that Molson Coors Beverage will post 5.75 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio is presently 35.20%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Molson Coors Beverage from $54.00 to $57.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays boosted their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research report on Thursday, August 8th. Citigroup reduced their price objective on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. Bank of America lowered their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Finally, Piper Sandler increased their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $60.53.

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.