Corebridge Financial Inc. Cuts Stock Position in Molson Coors Beverage (NYSE:TAP)

Corebridge Financial Inc. trimmed its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 5.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,333 shares of the company’s stock after selling 2,284 shares during the period. Corebridge Financial Inc.’s holdings in Molson Coors Beverage were worth $2,369,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. LPL Financial LLC boosted its position in shares of Molson Coors Beverage by 22.4% in the fourth quarter. LPL Financial LLC now owns 717,592 shares of the company’s stock worth $41,132,000 after buying an additional 131,276 shares during the period. Fox Run Management L.L.C. purchased a new position in Molson Coors Beverage in the 4th quarter worth approximately $818,000. American Century Companies Inc. grew its position in Molson Coors Beverage by 70.1% in the fourth quarter. American Century Companies Inc. now owns 150,828 shares of the company’s stock valued at $8,645,000 after acquiring an additional 62,159 shares in the last quarter. Loudon Investment Management LLC raised its stake in shares of Molson Coors Beverage by 51.9% during the fourth quarter. Loudon Investment Management LLC now owns 11,700 shares of the company’s stock valued at $671,000 after purchasing an additional 4,000 shares during the period. Finally, Northwest & Ethical Investments L.P. acquired a new position in shares of Molson Coors Beverage during the fourth quarter worth $483,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Up 0.7 %

Shares of NYSE:TAP opened at $61.28 on Wednesday. The company’s fifty day moving average is $58.33 and its two-hundred day moving average is $57.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The stock has a market capitalization of $12.42 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last issued its 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 firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. Equities analysts anticipate that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Thursday, February 27th were paid a dividend of $0.47 per share. 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%. The ex-dividend date was Thursday, February 27th. Molson Coors Beverage’s dividend payout ratio is presently 35.14%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TAP. Citigroup raised shares of Molson Coors Beverage from a “sell” rating to a “neutral” rating and raised their price target for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. UBS Group lifted their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Needham & Company LLC reissued a “buy” rating and issued a $72.00 price target on shares of Molson Coors Beverage in a report on Wednesday, February 12th. StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Friday, February 21st. Finally, Morgan Stanley increased their target price on Molson Coors Beverage from $60.00 to $63.00 and gave the company an “equal weight” rating in a research note on Friday, February 14th. Eleven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $63.60.

Molson Coors Beverage Profile

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.