National Bank of Canada FI Trims Stock Holdings in Molson Coors Beverage (NYSE:TAP)

National Bank of Canada FI reduced its stake in shares of Molson Coors Beverage (NYSE:TAP) by 22.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 257,797 shares of the company’s stock after selling 72,549 shares during the period. National Bank of Canada FI’s holdings in Molson Coors Beverage were worth $16,001,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new position in Molson Coors Beverage during the fourth quarter valued at approximately $29,000. Stone House Investment Management LLC bought a new position in Molson Coors Beverage in the 3rd quarter worth $32,000. Allworth Financial LP increased its stake in Molson Coors Beverage by 179.4% in the 4th quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after buying an additional 400 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in Molson Coors Beverage during the fourth quarter valued at about $61,000. Finally, Signaturefd LLC boosted its stake in shares of Molson Coors Beverage by 30.2% in the fourth quarter. Signaturefd LLC now owns 1,193 shares of the company’s stock worth $73,000 after acquiring an additional 277 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the sale, the chief financial officer now owns 60,538 shares in the company, valued at $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.71% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the subject of several recent analyst reports. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday, May 2nd. Evercore ISI decreased their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. UBS Group dropped their price objective on shares of Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Finally, Citigroup reduced their price objective on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and an average target price of $65.53.

Molson Coors Beverage Price Performance

TAP stock opened at $58.27 on Wednesday. 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 12 month low of $55.67 and a 12 month high of $70.90. The stock has a market cap of $12.39 billion, a PE ratio of 11.65, a P/E/G ratio of 2.09 and a beta of 0.86. The company has a 50-day moving average price of $64.57 and a 200 day moving average price of $62.35.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to the consensus estimate of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.54 earnings per share. Equities research analysts anticipate that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a dividend of $0.44 per share. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a yield of 3.02%. 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.