Eastern Bank Makes New Investment in Molson Coors Beverage Company (NYSE:TAP)

Eastern Bank purchased a new position in shares of Molson Coors Beverage Company (NYSE:TAP) during the 1st quarter, Holdings Channel.com reports. The fund purchased 550 shares of the company’s stock, valued at approximately $33,000.

Several other institutional investors have also recently made changes to their positions in TAP. Federated Hermes Inc. raised its holdings in shares of Molson Coors Beverage by 41.4% in the 1st quarter. Federated Hermes Inc. now owns 108,841 shares of the company’s stock valued at $6,625,000 after purchasing an additional 31,858 shares during the period. Wincap Financial LLC acquired a new position in Molson Coors Beverage during the first quarter worth approximately $787,000. LPL Financial LLC increased its position in Molson Coors Beverage by 2.3% during the first quarter. LPL Financial LLC now owns 734,173 shares of the company’s stock worth $44,689,000 after buying an additional 16,581 shares during the last quarter. RWC Asset Management LLP increased its position in Molson Coors Beverage by 12.9% during the first quarter. RWC Asset Management LLP now owns 843,366 shares of the company’s stock worth $51,336,000 after buying an additional 96,182 shares during the last quarter. Finally, Empirical Finance LLC increased its position in Molson Coors Beverage by 3.1% during the first quarter. Empirical Finance LLC now owns 16,391 shares of the company’s stock worth $998,000 after buying an additional 492 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their target price on Molson Coors Beverage from $62.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup decreased their target price on Molson Coors Beverage from $56.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday, July 15th. Piper Sandler decreased their target price on Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating on the stock in a report on Monday, June 23rd. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Finally, Bank of America lowered shares of Molson Coors Beverage from a “buy” rating to a “neutral” rating and decreased their price target for the company from $65.00 to $50.00 in a research note on Friday, June 27th. Twelve research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $58.87.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $48.22 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The stock’s fifty day moving average price is $50.32 and its two-hundred day moving average price is $55.32. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The firm has a market cap of $9.75 billion, a price-to-earnings ratio of 9.70, a P/E/G ratio of 2.93 and a beta of 0.67.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period last year, the company posted $0.95 earnings per share. On average, equities analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 annualized dividend and a yield of 3.9%. Molson Coors Beverage’s dividend payout ratio (DPR) is 37.83%.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director directly owned 27,595 shares of the company’s stock, valued at $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.71% of the stock is owned by company insiders.

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.