Fluent Financial LLC Trims Holdings in Molson Coors Beverage (NYSE:TAP)

Fluent Financial LLC lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 2.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 87,534 shares of the company’s stock after selling 1,994 shares during the quarter. Molson Coors Beverage comprises 2.4% of Fluent Financial LLC’s portfolio, making the stock its 11th biggest holding. Fluent Financial LLC’s holdings in Molson Coors Beverage were worth $5,035,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Nordea Investment Management AB lifted its position in shares of Molson Coors Beverage by 153.7% during the first 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. grew 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 valued at $2,124,000 after buying an additional 17,062 shares during the period. Wakefield Asset Management LLLP raised its holdings in Molson Coors Beverage by 124.5% in the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after purchasing an additional 29,552 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Molson Coors Beverage by 220.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after buying an additional 336,496 shares in the last quarter. Finally, Manning & Napier Advisors LLC purchased a new position in Molson Coors Beverage during the second quarter valued at $3,842,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock traded up $0.54 during mid-day trading on Friday, reaching $56.07. The stock had a trading volume of 997,811 shares, compared to its average volume of 1,951,953. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The firm’s 50 day simple moving average is $54.35 and its 200 day simple moving average is $56.30. The firm has a market cap of $11.88 billion, a PE ratio of 11.21, a P/E/G ratio of 2.38 and a beta of 0.81.

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

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Friday, August 30th. Molson Coors Beverage’s payout ratio is 35.20%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TAP shares. Citigroup cut their price target on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a report on Wednesday, July 10th. Wells Fargo & Company boosted their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft increased their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. UBS Group raised their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Barclays boosted their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $59.36.

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.