M&T Bank Corp Lowers Stock Position in Molson Coors Beverage (NYSE:TAP)

M&T Bank Corp lessened its stake in Molson Coors Beverage (NYSE:TAP) by 15.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,246 shares of the company’s stock after selling 2,158 shares during the period. M&T Bank Corp’s holdings in Molson Coors Beverage were worth $705,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TAP. State Street Corp lifted its holdings 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 worth $505,727,000 after acquiring an additional 681,757 shares during the last quarter. Pacer Advisors Inc. raised its position in Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after purchasing an additional 2,155,842 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during the last quarter. River Road Asset Management LLC boosted its holdings in shares of Molson Coors Beverage by 1.8% in the 3rd quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock worth $96,475,000 after purchasing an additional 29,315 shares in the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new position in shares of Molson Coors Beverage during the 3rd quarter valued at about $48,202,000. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Needham & Company LLC initiated coverage on shares of Molson Coors Beverage in a report on Friday, December 6th. They issued a “buy” rating and a $72.00 price objective for the company. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Barclays lifted their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Finally, TD Cowen cut their price target on shares of 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average price target of $62.00.

Molson Coors Beverage Trading Down 2.4 %

TAP opened at $59.59 on Tuesday. 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 current ratio of 0.99 and a quick ratio of 0.74. The business has a 50 day simple moving average of $58.62 and a two-hundred day simple moving average of $55.06. The firm has a market capitalization of $12.28 billion, a price-to-earnings ratio of 13.42, a PEG ratio of 2.38 and a beta of 0.85.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.92 earnings per share. Analysts predict that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

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.