Molson Coors Beverage (NYSE:TAP) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its stake in shares of Molson Coors Beverage (NYSE:TAP) by 5.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 53,056 shares of the company’s stock after selling 3,260 shares during the period. Assenagon Asset Management S.A.’s holdings in Molson Coors Beverage were worth $3,041,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp lifted its position in shares of Molson Coors Beverage by 8.4% during the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company’s stock valued at $505,727,000 after acquiring an additional 681,757 shares during the period. River Road Asset Management LLC lifted its position in shares of Molson Coors Beverage by 1.8% during the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock valued at $96,475,000 after acquiring an additional 29,315 shares during the period. Thompson Siegel & Walmsley LLC acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at approximately $48,202,000. Millennium Management LLC lifted its position in shares of Molson Coors Beverage by 541.4% during the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after acquiring an additional 645,847 shares during the period. Finally, FMR LLC lifted its position in shares of Molson Coors Beverage by 23.2% during the 3rd quarter. FMR LLC now owns 716,311 shares of the company’s stock valued at $41,202,000 after acquiring an additional 134,689 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on TAP shares. JPMorgan Chase & Co. lifted their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $57.00 to $70.00 in a research report on Friday, December 6th. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Finally, Barclays cut their price objective on Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $61.79.

Molson Coors Beverage Stock Up 0.9 %

TAP stock opened at $55.72 on Wednesday. The stock has a market capitalization of $11.48 billion, a P/E ratio of 12.55, a PEG ratio of 2.05 and a beta of 0.86. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a 50 day moving average price of $58.87 and a two-hundred day moving average price of $56.04.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same period in the previous year, the company earned $1.92 EPS. Molson Coors Beverage’s revenue for the quarter was down 7.8% on a year-over-year basis. As a group, sell-side analysts expect that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a dividend of $0.44 per share. The ex-dividend date was Friday, December 6th. This represents a $1.76 annualized dividend and a dividend yield of 3.16%. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

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.