Arizona State Retirement System Has $3.03 Million Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Arizona State Retirement System lowered its position in shares of Molson Coors Beverage (NYSE:TAP) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 52,789 shares of the company’s stock after selling 491 shares during the quarter. Arizona State Retirement System’s holdings in Molson Coors Beverage were worth $3,026,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new position in shares of Molson Coors Beverage in the 4th quarter valued at $1,991,000. M&T Bank Corp lifted its holdings in Molson Coors Beverage by 14.6% during the fourth quarter. M&T Bank Corp now owns 14,038 shares of the company’s stock worth $804,000 after acquiring an additional 1,792 shares in the last quarter. Victory Capital Management Inc. grew its stake in Molson Coors Beverage by 25.7% in the fourth quarter. Victory Capital Management Inc. now owns 545,437 shares of the company’s stock valued at $31,264,000 after acquiring an additional 111,390 shares during the period. Commerzbank Aktiengesellschaft FI increased its holdings in shares of Molson Coors Beverage by 9.3% in the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 13,634 shares of the company’s stock worth $776,000 after acquiring an additional 1,165 shares in the last quarter. Finally, Scott & Selber Inc. raised its position in shares of Molson Coors Beverage by 72.5% during the fourth quarter. Scott & Selber Inc. now owns 41,610 shares of the company’s stock worth $2,385,000 after purchasing an additional 17,486 shares during the period. Institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

TAP has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price objective on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research report on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. Barclays raised their price objective on shares of Molson Coors Beverage from $48.00 to $56.00 and gave the stock an “underweight” rating in a report on Tuesday, February 18th. Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their target price for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. Finally, Morgan Stanley lifted their price target 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. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.27.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $61.91 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The stock has a 50 day moving average price of $56.83 and a 200 day moving average price of $57.17. The stock has a market capitalization of $12.54 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.52 and a beta of 0.81. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data 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. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Thursday, February 27th will be given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend is Thursday, February 27th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.44. Molson Coors Beverage’s dividend payout ratio (DPR) is 35.14%.

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.