Molson Coors Beverage (NYSE:TAP) Shares Sold by Citizens Business Bank

Citizens Business Bank lessened its position in shares of Molson Coors Beverage (NYSE:TAP) by 3.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 60,955 shares of the company’s stock after selling 2,492 shares during the quarter. Citizens Business Bank’s holdings in Molson Coors Beverage were worth $3,731,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Czech National Bank increased its holdings in Molson Coors Beverage by 46.0% during the 3rd quarter. Czech National Bank now owns 32,441 shares of the company’s stock valued at $2,063,000 after acquiring an additional 10,216 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Molson Coors Beverage by 1.2% in the third quarter. Asset Management One Co. Ltd. now owns 74,853 shares of the company’s stock valued at $4,760,000 after purchasing an additional 869 shares during the last quarter. Linden Thomas Advisory Services LLC purchased a new position in shares of Molson Coors Beverage during the 3rd quarter worth approximately $725,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Molson Coors Beverage by 5.4% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,766 shares of the company’s stock worth $4,882,000 after purchasing an additional 3,900 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Molson Coors Beverage by 7.2% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock valued at $2,156,000 after buying an additional 2,279 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on TAP. Barclays increased their price objective on Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday, April 12th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the company a “hold” rating in a research report on Wednesday, April 17th. Citigroup lowered shares of Molson Coors Beverage from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $66.00 to $56.00 in a research report on Wednesday, April 24th. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their price target for the company from $66.00 to $75.00 in a report on Tuesday, April 9th. Finally, TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $68.07.

Insider Buying and Selling at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of the stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Trading Down 9.9 %

Shares of TAP stock traded down $6.27 during mid-day trading on Tuesday, reaching $57.29. The company’s stock had a trading volume of 5,969,967 shares, compared to its average volume of 1,735,450. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $12.18 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 2.16 and a beta of 0.84. The company’s 50 day simple moving average is $65.18 and its 200-day simple moving average is $62.41. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the previous year, the firm posted $1.30 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts predict that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Thursday, February 29th. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio is currently 40.37%.

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.