Alhambra Investment Management LLC Sells 2,902 Shares of Molson Coors Beverage (NYSE:TAP)

Alhambra Investment Management LLC trimmed its holdings in Molson Coors Beverage (NYSE:TAP) by 20.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,048 shares of the company’s stock after selling 2,902 shares during the quarter. Alhambra Investment Management LLC’s holdings in Molson Coors Beverage were worth $672,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC boosted its stake in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock worth $245,308,000 after purchasing an additional 54,867 shares during the period. Invesco Ltd. boosted its stake in Molson Coors Beverage by 4.2% in the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company’s stock worth $217,200,000 after purchasing an additional 152,622 shares during the period. Dimensional Fund Advisors LP boosted its stake in Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock worth $215,146,000 after purchasing an additional 422,515 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock valued at $202,661,000 after acquiring an additional 434,250 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Molson Coors Beverage during the 4th quarter valued at approximately $142,407,000. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Up 0.2%

Shares of TAP opened at $52.20 on Wednesday. The company has a market cap of $10.55 billion, a PE ratio of 9.76, a P/E/G ratio of 1.52 and a beta of 0.72. The business has a fifty day moving average of $56.48 and a 200 day moving average of $57.75. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.66. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.95 earnings per share. On average, sell-side analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be paid a $0.47 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.60%. Molson Coors Beverage’s payout ratio is 37.83%.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director now owns 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.71% of the company’s stock.

Analysts Set New Price Targets

TAP has been the subject of a number of research reports. UBS Group lowered their target price on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the company a “buy” rating in a research report on Tuesday, May 20th. Morgan Stanley lowered their target price on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. Wall Street Zen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Finally, Barclays lowered their target price on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating for the company in a research report on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $63.26.

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.