Illinois Municipal Retirement Fund Sells 70,205 Shares of Molson Coors Beverage (NYSE:TAP)

Illinois Municipal Retirement Fund lowered its stake in Molson Coors Beverage (NYSE:TAP) by 35.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 129,943 shares of the company’s stock after selling 70,205 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.06% of Molson Coors Beverage worth $7,954,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. AQR Capital Management LLC boosted its stake in Molson Coors Beverage by 76.0% in the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock valued at $218,168,000 after buying an additional 1,500,269 shares in the last quarter. Morgan Stanley boosted its stake in Molson Coors Beverage by 40.2% in the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after buying an additional 988,864 shares in the last quarter. Invesco Ltd. boosted its stake in Molson Coors Beverage by 13.0% in the third quarter. Invesco Ltd. now owns 3,087,469 shares of the company’s stock valued at $196,332,000 after buying an additional 355,694 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Molson Coors Beverage by 9,466.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after buying an additional 2,121,211 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Molson Coors Beverage by 12.1% in the third quarter. Northern Trust Corp now owns 2,017,226 shares of the company’s stock valued at $128,275,000 after buying an additional 218,002 shares in the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 0.6 %

TAP stock opened at $64.13 on Wednesday. The stock’s fifty day simple moving average is $65.02 and its two-hundred day simple moving average is $62.27. The company has a current ratio of 0.70, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Molson Coors Beverage has a 1-year low of $55.67 and a 1-year high of $70.90. The stock has a market cap of $13.63 billion, a P/E ratio of 14.71, a P/E/G ratio of 2.23 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate 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 business 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 earned $1.30 earnings per share. The business’s revenue was up 6.1% on a year-over-year basis. Analysts expect that Molson Coors Beverage will post 5.67 EPS for the current year.

Molson Coors Beverage Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.74%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s payout ratio is presently 40.37%.

Wall Street Analyst Weigh In

TAP has been the topic of a number of recent research reports. Piper Sandler initiated coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target on the stock. Barclays lifted their price target 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. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. The Goldman Sachs Group raised Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $68.07.

Insiders Place Their Bets

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the company’s 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 transaction, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.71% of the company’s stock.

Molson Coors Beverage Profile

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.