Illinois Municipal Retirement Fund Has $12.51 Million Stock Position in Molson Coors Beverage Company (NYSE:TAP)

Illinois Municipal Retirement Fund decreased its holdings in shares of Molson Coors Beverage Company (NYSE:TAP) by 7.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 205,478 shares of the company’s stock after selling 15,572 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.10% of Molson Coors Beverage worth $12,507,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TAP. Bank of New York Mellon Corp boosted its holdings in Molson Coors Beverage by 14.0% during the fourth quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company’s stock worth $202,661,000 after purchasing an additional 434,250 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Molson Coors Beverage during the fourth quarter worth $1,991,000. QRG Capital Management Inc. boosted its holdings in Molson Coors Beverage by 6.2% during the fourth quarter. QRG Capital Management Inc. now owns 58,876 shares of the company’s stock worth $3,375,000 after purchasing an additional 3,430 shares during the last quarter. Private Trust Co. NA boosted its holdings in Molson Coors Beverage by 53.1% during the fourth quarter. Private Trust Co. NA now owns 796 shares of the company’s stock worth $46,000 after purchasing an additional 276 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Molson Coors Beverage by 103.9% during the fourth quarter. US Bancorp DE now owns 19,285 shares of the company’s stock worth $1,106,000 after purchasing an additional 9,825 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $47.48 on Friday. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 1.76 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The company has a 50-day simple moving average of $53.69 and a 200 day simple moving average of $56.65. Molson Coors Beverage Company has a 52 week low of $46.94 and a 52 week high of $64.66.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business’s quarterly revenue was down 11.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.95 EPS. On average, sell-side analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage’s payout ratio is 37.83%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday. Wall Street Zen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Saturday, May 17th. UBS Group cut their price target on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Finally, Needham & Company LLC cut their price target on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, May 12th. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $60.46.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director now owns 27,595 shares of the company’s stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.71% of the stock is currently owned by insiders.

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.