HighTower Advisors LLC Cuts Position in Molson Coors Beverage (NYSE:TAP)

HighTower Advisors LLC reduced its position in shares of Molson Coors Beverage (NYSE:TAP) by 26.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,178 shares of the company’s stock after selling 2,876 shares during the period. HighTower Advisors LLC’s holdings in Molson Coors Beverage were worth $469,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Centiva Capital LP boosted its holdings in Molson Coors Beverage by 59.6% in the third quarter. Centiva Capital LP now owns 14,548 shares of the company’s stock valued at $837,000 after purchasing an additional 5,433 shares in the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Molson Coors Beverage by 7,317.3% in the 3rd quarter. Benjamin Edwards Inc. now owns 15,873 shares of the company’s stock valued at $913,000 after buying an additional 15,659 shares in the last quarter. Paloma Partners Management Co grew its position in shares of Molson Coors Beverage by 116.1% in the 3rd quarter. Paloma Partners Management Co now owns 11,060 shares of the company’s stock valued at $636,000 after buying an additional 5,942 shares during the last quarter. True Wealth Design LLC acquired a new stake in Molson Coors Beverage during the 3rd quarter worth $59,000. Finally, Verition Fund Management LLC lifted its position in Molson Coors Beverage by 927.7% in the third quarter. Verition Fund Management LLC now owns 79,617 shares of the company’s stock valued at $4,580,000 after acquiring an additional 71,870 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Up 1.2 %

TAP opened at $59.34 on Friday. 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 quick ratio of 0.74 and a current ratio of 0.99. The company has a market capitalization of $12.22 billion, a PE ratio of 13.36, a P/E/G ratio of 2.38 and a beta of 0.85. The stock’s fifty day moving average is $58.89 and its 200-day moving average is $55.14.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the previous year, the company earned $1.92 EPS. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. On average, equities analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 39.64%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. TD Cowen reduced their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. JPMorgan Chase & Co. raised their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Needham & Company LLC initiated coverage on shares of Molson Coors Beverage in a research report on Friday, December 6th. They issued a “buy” rating and a $72.00 price target for the company. Finally, StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, December 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $62.00.

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.