Highland Capital Management LLC Reduces Holdings in Molson Coors Beverage (NYSE:TAP)

Highland Capital Management LLC decreased its stake in Molson Coors Beverage (NYSE:TAP) by 1.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 71,920 shares of the company’s stock after selling 1,430 shares during the period. Highland Capital Management LLC’s holdings in Molson Coors Beverage were worth $4,122,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in TAP. Thrivent Financial for Lutherans increased its holdings in 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. Public Sector Pension Investment Board increased its holdings in Molson Coors Beverage by 72.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 6,365 shares of the company’s stock valued at $324,000 after acquiring an additional 2,667 shares in the last quarter. MBB Public Markets I LLC purchased a new position in Molson Coors Beverage during the 2nd quarter valued at about $656,000. Millennium Management LLC grew its holdings in shares of Molson Coors Beverage by 541.4% during the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after buying an additional 645,847 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Molson Coors Beverage by 7.4% during the second quarter. The Manufacturers Life Insurance Company now owns 146,029 shares of the company’s stock worth $7,423,000 after buying an additional 10,014 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TAP. UBS Group lowered their price target on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, January 16th. Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $70.00 in a research report on Friday, December 6th. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Barclays reduced their price target on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating on the stock in a research report on Friday, January 17th. Finally, StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Saturday, January 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $61.79.

Molson Coors Beverage Stock Up 0.3 %

Molson Coors Beverage stock opened at $55.07 on Thursday. The company has a 50-day simple moving average of $58.04 and a 200-day simple moving average of $56.19. The firm has a market capitalization of $11.35 billion, a P/E ratio of 12.40, a P/E/G ratio of 2.04 and a beta of 0.86. 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 one year low of $49.19 and a one year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. The business 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 company’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.92 earnings per share. As a group, equities analysts expect that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.20%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s payout ratio is currently 39.64%.

Molson Coors Beverage Company 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.