Assenagon Asset Management S.A. Lowers Stock Position in Molson Coors Beverage (NYSE:TAP)

Assenagon Asset Management S.A. decreased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 5.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 53,056 shares of the company’s stock after selling 3,260 shares during the period. Assenagon Asset Management S.A.’s holdings in Molson Coors Beverage were worth $3,041,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TAP. Amalgamated Bank lifted its holdings in shares of Molson Coors Beverage by 51.2% during the 2nd quarter. Amalgamated Bank now owns 58,030 shares of the company’s stock valued at $2,950,000 after acquiring an additional 19,654 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Molson Coors Beverage by 14.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,529 shares of the company’s stock valued at $737,000 after acquiring an additional 1,853 shares in the last quarter. XTX Topco Ltd acquired a new position in shares of Molson Coors Beverage during the 2nd quarter valued at $462,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Molson Coors Beverage by 91.3% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 9,300 shares of the company’s stock valued at $473,000 after acquiring an additional 4,438 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Molson Coors Beverage by 253.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 26,677 shares of the company’s stock valued at $1,356,000 after acquiring an additional 19,127 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $55.72 on Wednesday. The firm has a market cap of $11.48 billion, a PE ratio of 12.55, a price-to-earnings-growth ratio of 2.05 and a beta of 0.86. The firm’s 50-day simple moving average is $58.87 and its 200-day simple moving average is $56.04. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same quarter in the prior year, the firm earned $1.92 EPS. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities analysts forecast that Molson Coors Beverage will post 5.79 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Barclays reduced their target price on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a report on Friday, January 17th. TD Cowen cut their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Needham & Company LLC began coverage on shares of Molson Coors Beverage in a report on Friday, December 6th. They issued a “buy” rating and a $72.00 price objective on the stock. Bank of America upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Finally, UBS Group cut their price objective on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $61.79.

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.