Pine Valley Investments Ltd Liability Co acquired a new stake in shares of Molson Coors Beverage Company (NYSE:TAP – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 268,989 shares of the company’s stock, valued at approximately $11,583,000.
A number of other large investors have also bought and sold shares of the business. NewEdge Advisors LLC raised its holdings in Molson Coors Beverage by 2,241.1% during the 1st quarter. NewEdge Advisors LLC now owns 24,137 shares of the company’s stock worth $1,039,000 after buying an additional 23,106 shares during the period. Financial Solutions Advisory Group Inc. acquired a new position in shares of Molson Coors Beverage in the first quarter valued at approximately $1,086,000. Bank of America Corp DE boosted its holdings in shares of Molson Coors Beverage by 36.5% in the first quarter. Bank of America Corp DE now owns 1,187,921 shares of the company’s stock valued at $51,152,000 after buying an additional 317,387 shares during the period. Kentucky Retirement Systems increased its position in shares of Molson Coors Beverage by 24.0% during the first quarter. Kentucky Retirement Systems now owns 13,054 shares of the company’s stock worth $562,000 after acquiring an additional 2,523 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in shares of Molson Coors Beverage by 3.2% during the first quarter. Janus Henderson Group PLC now owns 123,095 shares of the company’s stock worth $5,301,000 after acquiring an additional 3,848 shares in the last quarter. 78.46% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities research analysts recently commented on TAP shares. UBS Group cut their price objective on shares of Molson Coors Beverage from $46.00 to $40.00 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Morgan Stanley dropped 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. Needham & Company LLC reduced their price objective on Molson Coors Beverage from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 1st. TD Cowen upgraded Molson Coors Beverage to a “hold” rating in a report on Friday, June 26th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Molson Coors Beverage in a report on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus target price of $44.00.
Insider Buying and Selling at Molson Coors Beverage
In other news, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the sale, the director owned 9,871 shares in the company, valued at $419,517.50. This represents a 11.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.27% of the stock is owned by company insiders.
Molson Coors Beverage Trading Up 0.2%
Molson Coors Beverage stock opened at $41.63 on Monday. The company has a market cap of $7.81 billion, a price-to-earnings ratio of -3.91 and a beta of 0.42. The firm has a 50-day moving average of $40.23 and a 200-day moving average of $43.87. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.54 and a quick ratio of 0.38. Molson Coors Beverage Company has a one year low of $38.04 and a one year high of $54.82.
Molson Coors Beverage (NYSE:TAP – Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.26. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the previous year, the business earned $0.50 earnings per share. Molson Coors Beverage’s quarterly revenue was up 2.0% on a year-over-year basis. On average, equities analysts expect that Molson Coors Beverage Company will post 4.78 earnings per share for the current fiscal year.
Molson Coors Beverage Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 28th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.92 annualized dividend and a dividend yield of 4.6%. Molson Coors Beverage’s payout ratio is -18.05%.
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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