Short Interest in Molson Coors Beverage (NYSE:TAP) Declines By 25.1%

Molson Coors Beverage (NYSE:TAP) saw a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 7,510,000 shares, a drop of 25.1% from the May 31st total of 10,030,000 shares. Based on an average daily trading volume, of 2,180,000 shares, the days-to-cover ratio is presently 3.4 days. Approximately 4.3% of the company’s stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TAP. Pacer Advisors Inc. grew its position in shares of 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 purchasing an additional 2,121,211 shares during the period. Norges Bank acquired a new stake in Molson Coors Beverage in the 4th quarter worth about $127,337,000. AQR Capital Management LLC increased its stake in Molson Coors Beverage by 76.0% during the 3rd quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after buying an additional 1,500,269 shares in the last quarter. Morgan Stanley raised its holdings in shares of Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock valued at $219,194,000 after acquiring an additional 988,864 shares during the last quarter. Finally, Capital International Investors lifted its position in shares of Molson Coors Beverage by 10.7% in the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after acquiring an additional 939,142 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analysts Set New Price Targets

TAP has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lifted 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 note on Wednesday, April 17th. Bank of America dropped their price objective on shares of Molson Coors Beverage from $72.00 to $62.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Citigroup dropped their price target on Molson Coors Beverage from $56.00 to $53.00 and set a “sell” rating on the stock in a research note on Wednesday, May 1st. Finally, JPMorgan Chase & Co. reduced their price objective on Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating for the company in a research note on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $65.07.

Molson Coors Beverage Stock Performance

NYSE TAP traded up $0.20 during mid-day trading on Friday, reaching $50.83. 2,492,944 shares of the stock were exchanged, compared to its average volume of 2,663,289. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69. The business’s 50 day moving average is $55.09 and its 200-day moving average is $60.67. The company has a market capitalization of $10.77 billion, a P/E ratio of 10.17, a P/E/G ratio of 1.83 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.21. The firm had revenue of $2.60 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The company’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period last year, the firm earned $0.54 EPS. On average, equities research analysts forecast that Molson Coors Beverage will post 5.68 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Friday, June 7th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend was Friday, June 7th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

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.