Russell Investments Group Ltd. Trims Stock Position in Molson Coors Beverage (NYSE:TAP)

Russell Investments Group Ltd. cut its stake in shares of Molson Coors Beverage (NYSE:TAP) by 7.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 336,942 shares of the company’s stock after selling 25,566 shares during the period. Russell Investments Group Ltd. owned approximately 0.16% of Molson Coors Beverage worth $22,183,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Jupiter Asset Management Ltd. raised its stake in Molson Coors Beverage by 6.3% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 1,200,696 shares of the company’s stock valued at $78,994,000 after acquiring an additional 70,696 shares during the last quarter. US Bancorp DE raised its stake in shares of Molson Coors Beverage by 7.2% during the 2nd quarter. US Bancorp DE now owns 6,464 shares of the company’s stock worth $426,000 after buying an additional 433 shares in the last quarter. Beck Bode LLC purchased a new position in shares of Molson Coors Beverage during the 2nd quarter worth approximately $3,584,000. BNP Paribas Arbitrage SNC raised its stake in shares of Molson Coors Beverage by 3.0% during the 2nd quarter. BNP Paribas Arbitrage SNC now owns 109,125 shares of the company’s stock worth $7,185,000 after buying an additional 3,132 shares in the last quarter. Finally, Baker Ellis Asset Management LLC raised its stake in shares of Molson Coors Beverage by 8.2% during the 2nd quarter. Baker Ellis Asset Management LLC now owns 117,698 shares of the company’s stock worth $7,749,000 after buying an additional 8,915 shares in the last quarter. 73.95% of the stock is owned by hedge funds and other institutional investors.

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 Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TAP. 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. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $72.00 to $69.00 and set a “neutral” rating for the company in a research note on Wednesday, August 2nd. Wedbush restated a “neutral” rating and issued a $70.00 price target on shares of Molson Coors Beverage in a report on Monday, November 6th. Wells Fargo & Company upped their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock an “underweight” rating in a report on Wednesday, October 4th. Finally, Barclays lowered their price target on Molson Coors Beverage from $68.00 to $66.00 and set an “equal weight” rating on the stock in a report on Thursday, October 12th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average 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.