Contravisory Investment Management Inc. Purchases Shares of 8,824 Molson Coors Beverage (NYSE:TAP)

Contravisory Investment Management Inc. purchased a new stake in Molson Coors Beverage (NYSE:TAP) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 8,824 shares of the company’s stock, valued at approximately $537,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $142,407,000. Fairfax Financial Holdings Ltd. Can acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $68,010,000. Estuary Capital Management LP acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $39,052,000. Freestone Grove Partners LP acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $29,913,000. Finally, Raymond James Financial Inc. acquired a new position in Molson Coors Beverage during the 4th quarter worth approximately $27,660,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $52.80 on Thursday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $64.66. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $10.67 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. The business has a 50 day simple moving average of $57.25 and a 200-day simple moving average of $58.01.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. Molson Coors Beverage’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 earnings per share. As a group, equities research analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a dividend of $0.47 per share. The ex-dividend date is Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.56%. Molson Coors Beverage’s payout ratio is currently 37.83%.

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the transaction, the director now directly owns 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.71% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Morgan Stanley reduced their price target on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. Needham & Company LLC reduced their price target on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. UBS Group dropped their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Finally, Berenberg Bank started coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price objective on the stock. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $63.26.

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.