California Public Employees Retirement System Cuts Position in Molson Coors Beverage Company $TAP

California Public Employees Retirement System cut its holdings in Molson Coors Beverage Company (NYSE:TAP) by 5.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,245,785 shares of the company’s stock after selling 76,678 shares during the period. California Public Employees Retirement System’s holdings in Molson Coors Beverage were worth $53,644,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Caxton Associates LLP purchased a new stake in shares of Molson Coors Beverage during the 1st quarter valued at $202,000. United Services Automobile Association purchased a new position in shares of Molson Coors Beverage in the 1st quarter worth about $215,000. Woodline Partners LP boosted its holdings in shares of Molson Coors Beverage by 38.7% in the 1st quarter. Woodline Partners LP now owns 14,546 shares of the company’s stock worth $885,000 after buying an additional 4,056 shares during the last quarter. Geneos Wealth Management Inc. grew its position in Molson Coors Beverage by 32.9% during the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock valued at $49,000 after buying an additional 198 shares during the period. Finally, First Trust Advisors LP grew its position in Molson Coors Beverage by 4.7% during the second quarter. First Trust Advisors LP now owns 413,578 shares of the company’s stock valued at $19,889,000 after buying an additional 18,566 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have commented on TAP shares. TD Cowen raised shares of Molson Coors Beverage to a “hold” rating in a research report on Friday, June 26th. Wells Fargo & Company decreased their price target on shares of Molson Coors Beverage from $43.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Barclays lowered their price target on shares of Molson Coors Beverage from $43.00 to $41.00 and set an “underweight” rating on the stock in a report on Friday, May 1st. Citigroup dropped their price objective on Molson Coors Beverage from $47.00 to $42.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 14th. Finally, Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $44.06.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $41.62 on Tuesday. The firm has a market cap of $7.81 billion, a P/E ratio of -3.91 and a beta of 0.42. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $40.29 and its 200-day moving average is $44.23. Molson Coors Beverage Company has a 12-month low of $38.04 and a 12-month high of $54.82.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Friday, May 1st. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same period last year, the firm earned $0.50 EPS. Molson Coors Beverage’s revenue for the quarter was up 2.0% on a year-over-year basis. Sell-side analysts predict that Molson Coors Beverage Company will post 4.8 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 28th will be given a dividend of $0.48 per share. The ex-dividend date is Friday, August 28th. This represents a $1.92 annualized dividend and a dividend yield of 4.6%. Molson Coors Beverage’s dividend payout ratio is currently -18.05%.

Insider Activity at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,245 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the transaction, the director directly owned 9,871 shares of the company’s stock, valued at $419,517.50. This trade represents a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.27% of the stock is owned by insiders.

Molson Coors Beverage Profile

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.