Hsbc Holdings PLC raised its position in Molson Coors Beverage Company (NYSE:TAP – Free Report) by 15.2% in the 1st quarter, Holdings Channel reports. The fund owned 255,293 shares of the company’s stock after acquiring an additional 33,683 shares during the period. Hsbc Holdings PLC’s holdings in Molson Coors Beverage were worth $10,990,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. increased its stake in shares of Molson Coors Beverage by 32.9% during the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock worth $49,000 after acquiring an additional 198 shares during the period. UMB Bank n.a. raised its holdings in Molson Coors Beverage by 16.5% during the fourth quarter. UMB Bank n.a. now owns 1,467 shares of the company’s stock worth $68,000 after purchasing an additional 208 shares in the last quarter. New York Life Investment Management LLC lifted its position in Molson Coors Beverage by 0.9% in the fourth quarter. New York Life Investment Management LLC now owns 22,904 shares of the company’s stock valued at $1,069,000 after purchasing an additional 210 shares during the period. Smartleaf Asset Management LLC lifted its position in Molson Coors Beverage by 64.2% in the second quarter. Smartleaf Asset Management LLC now owns 565 shares of the company’s stock valued at $27,000 after purchasing an additional 221 shares during the period. Finally, SBI Securities Co. Ltd. boosted its holdings in Molson Coors Beverage by 84.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 534 shares of the company’s stock valued at $25,000 after purchasing an additional 244 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.
Molson Coors Beverage Trading Up 0.5%
Shares of Molson Coors Beverage stock opened at $41.07 on Thursday. The company has a 50-day moving average of $40.28 and a two-hundred day moving average of $44.15. Molson Coors Beverage Company has a 12-month low of $38.04 and a 12-month high of $54.82. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.38. The stock has a market cap of $7.70 billion, a PE ratio of -3.86 and a beta of 0.42.
Molson Coors Beverage Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 28th will be issued a $0.48 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.92 annualized dividend and a yield of 4.7%. Molson Coors Beverage’s dividend payout ratio is -18.05%.
Insider Buying and Selling at Molson Coors Beverage
In other news, Director Geoffrey E. Molson sold 1,245 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the transaction, the director owned 9,871 shares in the company, valued at $419,517.50. This trade represents a 11.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.27% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
TAP has been the topic of several recent analyst reports. Zacks Research upgraded Molson Coors Beverage from a “strong sell” rating to a “hold” rating in a research report on Monday, April 13th. Morgan Stanley decreased their price target on Molson Coors Beverage from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, May 4th. Citigroup dropped their price objective on Molson Coors Beverage from $47.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, July 14th. BNP Paribas Exane cut their price objective on Molson Coors Beverage from $36.00 to $35.00 and set an “underperform” rating for the company in a research report on Wednesday, June 3rd. Finally, Wells Fargo & Company reduced their target price on Molson Coors Beverage from $43.00 to $41.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average target price of $44.00.
Get Our Latest Stock Analysis on Molson Coors Beverage
Molson Coors Beverage Profile
Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.
In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.
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