Quarry LP Sells 602 Shares of Molson Coors Beverage (NYSE:TAP)

Quarry LP reduced its stake in Molson Coors Beverage (NYSE:TAP) by 56.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 461 shares of the company’s stock after selling 602 shares during the period. Quarry LP’s holdings in Molson Coors Beverage were worth $27,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Family Firm Inc. bought a new position in Molson Coors Beverage during the second quarter worth about $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage during the 2nd quarter worth approximately $27,000. GPS Wealth Strategies Group LLC grew its holdings in Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after purchasing an additional 294 shares during the period. Ashton Thomas Securities LLC acquired a new position in Molson Coors Beverage during the third quarter valued at approximately $35,000. Finally, Gladius Capital Management LP bought a new stake in Molson Coors Beverage in the third quarter valued at approximately $42,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on TAP shares. BNP Paribas started coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They issued a “neutral” rating and a $64.00 price target for the company. JPMorgan Chase & Co. increased their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Needham & Company LLC began coverage on Molson Coors Beverage in a report on Friday, December 6th. They set a “buy” rating and a $72.00 price objective on the stock. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, Barclays lifted their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Stock Down 0.7 %

NYSE:TAP opened at $60.94 on Friday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The firm has a market capitalization of $12.55 billion, a price-to-earnings ratio of 13.73, a price-to-earnings-growth ratio of 2.37 and a beta of 0.85. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average price is $58.43 and its two-hundred day moving average price is $54.93.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results 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. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.92 earnings per share. Equities research analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s payout ratio is presently 39.64%.

Molson Coors Beverage Company 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.