Molson Coors Beverage (NYSE:TAP) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its position in Molson Coors Beverage (NYSE:TAP) by 7.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 336,942 shares of the company’s stock after selling 25,566 shares during the period. Russell Investments Group Ltd. owned 0.16% of Molson Coors Beverage worth $22,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. KWB Wealth raised its stake in Molson Coors Beverage by 3.5% during the 2nd quarter. KWB Wealth now owns 4,706 shares of the company’s stock valued at $310,000 after acquiring an additional 157 shares during the last quarter. Belpointe Asset Management LLC raised its stake in Molson Coors Beverage by 12.7% during the 1st quarter. Belpointe Asset Management LLC now owns 1,521 shares of the company’s stock valued at $79,000 after acquiring an additional 171 shares during the last quarter. Texas Permanent School Fund Corp raised its stake in Molson Coors Beverage by 0.5% during the 2nd quarter. Texas Permanent School Fund Corp now owns 39,371 shares of the company’s stock valued at $2,592,000 after acquiring an additional 178 shares during the last quarter. Meridian Investment Counsel Inc. raised its stake in Molson Coors Beverage by 0.4% during the 1st quarter. Meridian Investment Counsel Inc. now owns 48,740 shares of the company’s stock valued at $2,519,000 after acquiring an additional 190 shares during the last quarter. Finally, Forza Wealth Management LLC raised its stake in Molson Coors Beverage by 1.3% during the 1st quarter. Forza Wealth Management LLC now owns 15,940 shares of the company’s stock valued at $824,000 after acquiring an additional 200 shares during the last quarter. 73.95% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $59.00 on Tuesday. The business’s fifty day moving average price is $60.29 and its two-hundred day moving average price is $63.32. The stock has a market cap of $12.73 billion, a PE ratio of 51.30, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.53 and a current ratio of 0.73. Molson Coors Beverage has a one year low of $48.49 and a one year high of $70.90.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Thursday, November 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 142.61%.

Analyst Ratings Changes

TAP has been the subject of several analyst reports. Citigroup reduced their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 11th. Barclays cut their target price on Molson Coors Beverage from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Thursday, October 12th. Bank of America increased their target price on Molson Coors Beverage from $70.00 to $72.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 4th. Deutsche Bank Aktiengesellschaft raised Molson Coors Beverage from a “sell” rating to a “hold” rating and increased their target price for the stock from $57.00 to $58.00 in a research note on Friday, November 3rd. Finally, StockNews.com began coverage on Molson Coors Beverage in a research note on Thursday, October 5th. They set a “hold” rating for the company. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and a consensus target price of $65.50.

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.