Intech Investment Management LLC Sells 112,032 Shares of Molson Coors Beverage (NYSE:TAP)

Intech Investment Management LLC lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 84.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,183 shares of the company’s stock after selling 112,032 shares during the period. Intech Investment Management LLC’s holdings in Molson Coors Beverage were worth $1,218,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. iA Global Asset Management Inc. lifted its position in Molson Coors Beverage by 117.5% during the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after acquiring an additional 17,062 shares during the period. Wakefield Asset Management LLLP lifted its holdings in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Molson Coors Beverage in the 2nd quarter worth approximately $3,842,000. Wedge Capital Management L L P NC grew its stake in shares of Molson Coors Beverage by 4.1% in the 2nd quarter. Wedge Capital Management L L P NC now owns 689,027 shares of the company’s stock worth $35,023,000 after buying an additional 27,203 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after buying an additional 56,584 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $61.41 on Wednesday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The business has a fifty day moving average of $56.94 and a 200 day moving average of $54.44. 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 firm has a market capitalization of $12.65 billion, a P/E ratio of 13.83, a PEG ratio of 2.34 and a beta of 0.82.

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

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.44 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.76 annualized dividend and a yield of 2.87%. Molson Coors Beverage’s payout ratio is presently 39.64%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. BNP Paribas initiated coverage on Molson Coors Beverage in a report on Monday. They issued a “neutral” rating and a $64.00 target price on the stock. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. UBS Group increased their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen decreased their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Finally, Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $60.57.

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.