South Dakota Investment Council Sells 2,300 Shares of Molson Coors Beverage (NYSE:TAP)

South Dakota Investment Council reduced its stake in Molson Coors Beverage (NYSE:TAP) by 3.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 68,596 shares of the company’s stock after selling 2,300 shares during the period. South Dakota Investment Council’s holdings in Molson Coors Beverage were worth $4,199,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tennessee Valley Asset Management Partners bought a new stake in Molson Coors Beverage in the fourth quarter valued at $29,000. Stone House Investment Management LLC bought a new stake in Molson Coors Beverage in the third quarter valued at $32,000. Allworth Financial LP increased its stake in Molson Coors Beverage by 179.4% in the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock valued at $38,000 after purchasing an additional 400 shares in the last quarter. Ronald Blue Trust Inc. increased its stake in Molson Coors Beverage by 118.0% in the third quarter. Ronald Blue Trust Inc. now owns 835 shares of the company’s stock valued at $55,000 after purchasing an additional 452 shares in the last quarter. Finally, Wetzel Investment Advisors Inc. bought a new stake in Molson Coors Beverage in the fourth quarter valued at $61,000. 78.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on TAP. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Molson Coors Beverage from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Citigroup downgraded 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. Barclays boosted their target price on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday, April 12th. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Finally, StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average price target of $68.07.

Molson Coors Beverage Stock Performance

TAP traded down $0.19 during midday trading on Wednesday, reaching $63.99. The company had a trading volume of 1,539,065 shares, compared to its average volume of 1,662,275. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The stock has a market cap of $13.60 billion, a PE ratio of 14.71, a P/E/G ratio of 2.23 and a beta of 0.84. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The business has a 50-day moving average price of $65.02 and a two-hundred day moving average price of $62.27.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.30 earnings per share. On average, sell-side analysts expect that Molson Coors Beverage will post 5.67 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared 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 is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Thursday, February 29th. Molson Coors Beverage’s dividend payout ratio is presently 40.37%.

Insider Activity at Molson Coors Beverage

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the sale, 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 accessible through this link. 2.71% of the stock is currently owned by corporate 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.