HB Wealth Management LLC Boosts Stake in Molson Coors Beverage Company (NYSE:TAP)

HB Wealth Management LLC increased its position in Molson Coors Beverage Company (NYSE:TAP) by 84.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,437 shares of the company’s stock after buying an additional 4,769 shares during the period. HB Wealth Management LLC’s holdings in Molson Coors Beverage were worth $635,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TAP. Fairfax Financial Holdings Ltd. Can purchased a new stake in shares of Molson Coors Beverage in the fourth quarter worth about $68,010,000. KBC Group NV lifted its position in shares of Molson Coors Beverage by 269.1% in the first quarter. KBC Group NV now owns 1,237,539 shares of the company’s stock worth $75,329,000 after buying an additional 902,296 shares in the last quarter. Estuary Capital Management LP purchased a new stake in Molson Coors Beverage during the fourth quarter valued at approximately $39,052,000. Bank of New York Mellon Corp raised its position in Molson Coors Beverage by 16.8% during the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock valued at $251,442,000 after purchasing an additional 595,203 shares during the period. Finally, Freestone Grove Partners LP purchased a new stake in Molson Coors Beverage during the fourth quarter valued at approximately $29,913,000. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director owned 27,595 shares of the company’s stock, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of recent research reports. Evercore ISI decreased their price objective on Molson Coors Beverage from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday. Citigroup decreased their price objective on Molson Coors Beverage from $56.00 to $51.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 15th. Barclays decreased their price objective on Molson Coors Beverage from $57.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 15th. Bank of America downgraded Molson Coors Beverage from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $65.00 to $50.00 in a research report on Friday, June 27th. Finally, Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the company a “buy” rating in a research report on Tuesday, May 20th. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and an average price target of $59.18.

Molson Coors Beverage Stock Down 2.6%

Shares of NYSE:TAP opened at $49.32 on Thursday. Molson Coors Beverage Company has a 52-week low of $46.94 and a 52-week high of $64.66. The stock has a market cap of $9.97 billion, a P/E ratio of 9.92, a price-to-earnings-growth ratio of 3.04 and a beta of 0.69. The business’s 50 day moving average is $50.55 and its 200 day moving average is $55.40. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data 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). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned $0.95 EPS. The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. Sell-side analysts predict that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company 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 is Friday, September 5th. This represents a $1.88 annualized dividend and a yield of 3.81%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 37.83%.

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.