First Hawaiian Bank Sells 400 Shares of Molson Coors Beverage (NYSE:TAP)

First Hawaiian Bank cut its stake in shares of Molson Coors Beverage (NYSE:TAP) by 1.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,611 shares of the company’s stock after selling 400 shares during the quarter. First Hawaiian Bank’s holdings in Molson Coors Beverage were worth $1,048,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its holdings in Molson Coors Beverage by 27.8% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 27,696 shares of the company’s stock worth $1,695,000 after purchasing an additional 6,023 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Molson Coors Beverage by 14.3% in the fourth quarter. Fifth Third Bancorp now owns 12,255 shares of the company’s stock worth $750,000 after purchasing an additional 1,532 shares during the last quarter. Arizona State Retirement System boosted its holdings in Molson Coors Beverage by 0.7% in the fourth quarter. Arizona State Retirement System now owns 52,173 shares of the company’s stock valued at $3,194,000 after acquiring an additional 375 shares during the last quarter. International Assets Investment Management LLC boosted its position in Molson Coors Beverage by 6,418.1% during the fourth quarter. International Assets Investment Management LLC now owns 151,416 shares of the company’s stock valued at $9,268,000 after acquiring an additional 149,093 shares during the last quarter. Finally, Arkadios Wealth Advisors raised its holdings in Molson Coors Beverage by 3.1% during the fourth quarter. Arkadios Wealth Advisors now owns 12,543 shares of the company’s stock worth $768,000 after buying an additional 374 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on TAP shares. JPMorgan Chase & Co. lowered their target price on Molson Coors Beverage from $60.00 to $54.00 and set a “neutral” rating on the stock in a research note on Monday, July 15th. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. UBS Group decreased their price target on shares of Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. Citigroup dropped their price objective 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. Finally, Bank of America reduced their target price on 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 analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $60.29.

Molson Coors Beverage Stock Performance

NYSE:TAP traded up $3.65 during trading hours on Tuesday, reaching $54.78. The company had a trading volume of 3,112,509 shares, compared to its average volume of 1,944,907. The firm’s 50 day moving average price is $51.80 and its 200-day moving average price is $58.77. The firm has a market cap of $11.61 billion, a price-to-earnings ratio of 10.98, a PEG ratio of 2.26 and a beta of 0.81. The company has a current ratio of 0.69, a quick ratio of 0.47 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage Announces Dividend

The company 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 3.21%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

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.