Garner Asset Management Corp Sells 1,326 Shares of Molson Coors Beverage (NYSE:TAP)

Garner Asset Management Corp decreased its stake in Molson Coors Beverage (NYSE:TAP) by 6.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 20,333 shares of the company’s stock after selling 1,326 shares during the period. Garner Asset Management Corp’s holdings in Molson Coors Beverage were worth $1,170,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Axxcess Wealth Management LLC raised its holdings in shares of Molson Coors Beverage by 10.3% during the first quarter. Axxcess Wealth Management LLC now owns 8,880 shares of the company’s stock valued at $597,000 after purchasing an additional 832 shares during the period. Canada Pension Plan Investment Board grew its stake in shares of Molson Coors Beverage by 28.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock worth $20,895,000 after acquiring an additional 68,900 shares during the period. Lazard Asset Management LLC lifted its holdings in Molson Coors Beverage by 6,659.2% during the first quarter. Lazard Asset Management LLC now owns 101,928 shares of the company’s stock valued at $6,854,000 after purchasing an additional 100,420 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after buying an additional 56,584 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of Molson Coors Beverage in the first quarter valued at $1,466,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $60.36 on Friday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a fifty day moving average price of $56.84 and a 200-day moving average price of $54.45. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The firm has a market cap of $12.43 billion, a PE ratio of 13.59, a P/E/G ratio of 2.34 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The company had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.92 EPS. Equities research analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.92%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

Wall Street Analyst Weigh In

Several research firms recently commented on TAP. UBS Group boosted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler upped their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft raised their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research report on Friday, November 8th. Finally, TD Cowen lowered their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Two investment 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $60.31.

Molson Coors Beverage Company 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.