Longfellow Investment Management Co. LLC Decreases Holdings in Molson Coors Beverage Company (NYSE:TAP)

Longfellow Investment Management Co. LLC trimmed its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 34.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,201 shares of the company’s stock after selling 3,744 shares during the period. Longfellow Investment Management Co. LLC’s holdings in Molson Coors Beverage were worth $438,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Golden State Wealth Management LLC increased its position in shares of Molson Coors Beverage by 230.2% during the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock valued at $25,000 after acquiring an additional 290 shares during the last quarter. Millstone Evans Group LLC lifted its stake in Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock worth $26,000 after acquiring an additional 255 shares during the last quarter. Financial Management Professionals Inc. lifted its stake in Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock worth $31,000 after acquiring an additional 493 shares during the last quarter. Eastern Bank purchased a new position in Molson Coors Beverage in the first quarter worth approximately $33,000. Finally, First Financial Corp IN acquired a new stake in Molson Coors Beverage during the first quarter worth approximately $37,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the 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 completion of the sale, the director directly owned 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Stock Performance

TAP opened at $50.66 on Monday. The stock has a market cap of $10.24 billion, a PE ratio of 9.99, a P/E/G ratio of 1.85 and a beta of 0.67. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 1 year low of $46.94 and a 1 year high of $64.66. The stock’s 50 day simple moving average is $49.91 and its 200-day simple moving average is $55.14.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping analysts’ consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the previous year, the firm earned $1.92 earnings per share. The business’s revenue was down 1.6% on a year-over-year basis. Sell-side 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 declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage’s dividend payout ratio is 37.08%.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on shares of Molson Coors Beverage from $62.00 to $53.00 and set a “neutral” rating on the stock in a report on Thursday, July 31st. Morgan Stanley decreased their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Needham & Company LLC dropped their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Sanford C. Bernstein reduced their target price on shares of Molson Coors Beverage from $65.00 to $55.00 and set a “market perform” rating on the stock in a report on Wednesday, July 9th. Finally, Citigroup reduced their target price on shares of Molson Coors Beverage from $56.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday, July 15th. Eleven analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $58.12.

Molson Coors Beverage Company 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.