Highland Capital Management LLC Cuts Stake in Molson Coors Beverage (NYSE:TAP)

Highland Capital Management LLC lowered its stake in shares of Molson Coors Beverage (NYSE:TAP) by 1.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,920 shares of the company’s stock after selling 1,430 shares during the period. Highland Capital Management LLC’s holdings in Molson Coors Beverage were worth $4,122,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Ashton Thomas Securities LLC purchased a new stake in shares of Molson Coors Beverage during the third quarter worth about $35,000. Gladius Capital Management LP purchased a new stake in shares of Molson Coors Beverage during the third quarter worth about $42,000. True Wealth Design LLC purchased a new stake in shares of Molson Coors Beverage during the third quarter worth about $59,000. Quarry LP purchased a new stake in shares of Molson Coors Beverage during the second quarter worth about $54,000. Finally, Allworth Financial LP increased its stake in shares of Molson Coors Beverage by 33.7% during the third quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock worth $68,000 after purchasing an additional 297 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $55.07 on Thursday. The firm has a market cap of $11.35 billion, a P/E ratio of 12.40, a P/E/G ratio of 2.04 and a beta of 0.86. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. The firm’s 50 day moving average price is $58.04 and its 200-day moving average price is $56.19.

Molson Coors Beverage (NYSE:TAP) last released 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 for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.92 EPS. As a group, equities research analysts predict that Molson Coors Beverage will post 5.79 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. StockNews.com raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Saturday, January 25th. TD Cowen dropped their price objective on shares of 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. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. UBS Group dropped their price objective on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, Barclays dropped their price objective on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $61.79.

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.