Raymond James Trust N.A. Reduces Stock Position in Molson Coors Beverage (NYSE:TAP)

Raymond James Trust N.A. decreased its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 50.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,177 shares of the company’s stock after selling 9,302 shares during the quarter. Raymond James Trust N.A.’s holdings in Molson Coors Beverage were worth $528,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Family Firm Inc. bought a new stake in shares of Molson Coors Beverage during the 2nd quarter valued at $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Molson Coors Beverage in the second quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new position in Molson Coors Beverage during the third quarter valued at approximately $35,000. GPS Wealth Strategies Group LLC increased its holdings in Molson Coors Beverage by 83.8% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after acquiring an additional 294 shares during the period. Finally, Gladius Capital Management LP purchased a new stake in Molson Coors Beverage in the 3rd quarter worth approximately $42,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

TAP opened at $60.67 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The stock’s 50 day simple moving average is $56.84 and its 200 day simple moving average is $54.43. The firm has a market cap of $12.50 billion, a price-to-earnings ratio of 13.66, a PEG ratio of 2.34 and a beta of 0.82. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

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 the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter last year, the business earned $1.92 earnings per share. The business’s revenue was down 7.8% on a year-over-year basis. As a group, analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Friday, December 6th. Molson Coors Beverage’s payout ratio is 39.64%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. TD Cowen decreased their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. BNP Paribas assumed coverage on Molson Coors Beverage in a research note on Monday. They issued a “neutral” rating and a $64.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Piper Sandler raised their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, UBS Group boosted their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $60.57.

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.