Kingsview Wealth Management LLC Invests $293,000 in Molson Coors Beverage (NYSE:TAP)

Posted by Defense World Staff on Jun 12th, 2023

Kingsview Wealth Management LLC purchased a new position in Molson Coors Beverage (NYSE:TAP – Get Rating) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 5,695 shares of the company’s stock, valued at approximately $293,000.

A number of other hedge funds have also recently made changes to their positions in TAP. Beacon Capital Management LLC lifted its position in Molson Coors Beverage by 1,781.3% in the 4th quarter. Beacon Capital Management LLC now owns 602 shares of the company’s stock valued at $31,000 after acquiring an additional 570 shares in the last quarter. Red Tortoise LLC purchased a new stake in Molson Coors Beverage during the 4th quarter valued at $38,000. Lazard Asset Management LLC raised its stake in Molson Coors Beverage by 96.4% during the 1st quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock valued at $40,000 after buying an additional 373 shares during the last quarter. Kistler Tiffany Companies LLC purchased a new stake in Molson Coors Beverage during the 4th quarter valued at $42,000. Finally, Belpointe Asset Management LLC purchased a new stake in shares of Molson Coors Beverage in the 4th quarter worth $70,000. 76.24% of the stock is owned by institutional investors.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $0.67 on Monday, reaching $67.13. 748,129 shares of the company were exchanged, compared to its average volume of 1,985,084. The company has a market cap of $14.52 billion, a price-to-earnings ratio of -56.31, a P/E/G ratio of 3.51 and a beta of 0.85. The business has a 50-day moving average price of $60.32 and a 200 day moving average price of $55.00. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.49 and a current ratio of 0.77. Molson Coors Beverage has a 1 year low of $46.69 and a 1 year high of $67.21.

Molson Coors Beverage (NYSE:TAP – Get Rating) last posted its earnings results on Tuesday, May 2nd. The company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.28. Molson Coors Beverage had a negative net margin of 1.97% and a positive return on equity of 7.16%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period in the previous year, the business posted $0.29 EPS. Molson Coors Beverage’s revenue was up 5.9% on a year-over-year basis. Equities research analysts forecast that Molson Coors Beverage will post 4.41 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Friday, June 2nd will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Thursday, June 1st. Molson Coors Beverage’s dividend payout ratio (DPR) is -137.81%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. UBS Group increased their price objective on shares of Molson Coors Beverage from $54.00 to $67.00 in a research report on Wednesday, May 3rd. StockNews.com lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Thursday. Roth Capital reissued a “buy” rating on shares of Molson Coors Beverage in a report on Tuesday, February 21st. Citigroup assumed coverage on shares of Molson Coors Beverage in a report on Thursday, February 16th. They set a “neutral” rating and a $55.00 price objective on the stock. Finally, Wedbush lifted their price objective on shares of Molson Coors Beverage from $53.00 to $60.00 in a report on Thursday, May 4th. Four equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus target price of $60.19.

Insider Buying and Selling

In related news, insider Geoffrey E. Molson sold 1,840 shares of the stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $60.62, for a total transaction of $111,540.80. Following the completion of the sale, the insider now owns 25,904 shares in the company, valued at approximately $1,570,300.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.41% of the stock is owned by company insiders.

Molson Coors Beverage Profile

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Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: Americas, and EMEA and APAC. The Americas segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The EMEA and APAC segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the UK, various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.

Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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