New York Life Investment Management LLC Sells 730 Shares of Molson Coors Beverage (NYSE:TAP)

New York Life Investment Management LLC lessened its holdings in Molson Coors Beverage (NYSE:TAP) by 2.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 24,376 shares of the company’s stock after selling 730 shares during the period. New York Life Investment Management LLC’s holdings in Molson Coors Beverage were worth $1,397,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Thompson Siegel & Walmsley LLC purchased a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $48,202,000. State Street Corp increased its holdings in Molson Coors Beverage by 8.4% in 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 in the last quarter. Bank of New York Mellon Corp increased its holdings in Molson Coors Beverage by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after acquiring an additional 434,250 shares in the last quarter. Invenomic Capital Management LP increased its holdings in Molson Coors Beverage by 131.1% in the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company’s stock worth $29,875,000 after acquiring an additional 294,596 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Molson Coors Beverage by 92.8% in the 3rd quarter. Victory Capital Management Inc. now owns 434,047 shares of the company’s stock worth $24,966,000 after acquiring an additional 208,974 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on TAP. Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Barclays increased their price objective on shares of Molson Coors Beverage from $48.00 to $56.00 and gave the company an “underweight” rating in a report on Tuesday, February 18th. UBS Group increased their price objective on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. BNP Paribas began coverage on shares of Molson Coors Beverage in a report on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 30th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $63.27.

Molson Coors Beverage Stock Up 0.0 %

Shares of TAP opened at $61.30 on Tuesday. The company has a market cap of $12.42 billion, a PE ratio of 11.46, a P/E/G ratio of 1.52 and a beta of 0.85. The business has a fifty day moving average of $56.64 and a 200 day moving average of $56.94. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.13. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. On average, sell-side analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be given a $0.47 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a yield of 3.07%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 35.14%.

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.