Illinois Municipal Retirement Fund Trims Stock Position in Molson Coors Beverage Company $TAP

Illinois Municipal Retirement Fund trimmed its holdings in Molson Coors Beverage Company (NYSE:TAP) by 68.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 51,701 shares of the company’s stock after selling 112,483 shares during the period. Illinois Municipal Retirement Fund’s holdings in Molson Coors Beverage were worth $2,339,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of Molson Coors Beverage by 0.4% during the 2nd quarter. Vanguard Group Inc. now owns 21,208,854 shares of the company’s stock worth $1,019,934,000 after purchasing an additional 92,058 shares during the period. Dodge & Cox boosted its stake in Molson Coors Beverage by 2.3% during the second quarter. Dodge & Cox now owns 14,396,195 shares of the company’s stock worth $692,313,000 after buying an additional 327,885 shares during the period. Geode Capital Management LLC boosted its stake in Molson Coors Beverage by 1.4% during the second quarter. Geode Capital Management LLC now owns 4,486,791 shares of the company’s stock worth $214,860,000 after buying an additional 61,060 shares during the period. Invesco Ltd. increased its position in shares of Molson Coors Beverage by 17.2% during the second quarter. Invesco Ltd. now owns 4,277,685 shares of the company’s stock valued at $205,714,000 after acquiring an additional 626,639 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Molson Coors Beverage in the 2nd quarter valued at approximately $134,289,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Roth Mkm reiterated a “buy” rating and issued a $65.00 target price (down previously from $67.00) on shares of Molson Coors Beverage in a report on Wednesday, November 5th. Barclays reaffirmed an “underweight” rating and issued a $49.00 price objective on shares of Molson Coors Beverage in a research note on Friday, January 16th. BNP Paribas Exane lowered Molson Coors Beverage from a “hold” rating to a “strong sell” rating and set a $40.00 target price on the stock. in a research note on Friday, January 16th. Wells Fargo & Company restated an “equal weight” rating and set a $50.00 target price (down from $53.00) on shares of Molson Coors Beverage in a report on Wednesday, November 19th. Finally, Zacks Research upgraded shares of Molson Coors Beverage from a “strong sell” rating to a “hold” rating in a research note on Friday, November 14th. Five research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $53.18.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $53.12 on Tuesday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.60 and a quick ratio of 0.45. The company has a market cap of $10.50 billion, a price-to-earnings ratio of -4.97 and a beta of 0.48. The stock’s 50-day moving average is $48.63 and its two-hundred day moving average is $47.83. Molson Coors Beverage Company has a 1-year low of $42.94 and a 1-year high of $64.66.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a $0.47 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.88 dividend on an annualized basis and a yield of 3.5%. Molson Coors Beverage’s payout ratio is currently -17.60%.

About Molson Coors Beverage

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.