Amalgamated Bank lowered its stake in shares of Molson Coors Beverage (NYSE:TAP – Free Report) by 32.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,405 shares of the company’s stock after selling 23,285 shares during the quarter. Amalgamated Bank’s holdings in Molson Coors Beverage were worth $2,502,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Molson Coors Beverage by 25.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 23,269 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,792 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Molson Coors Beverage by 17.1% in the 1st quarter. American Century Companies Inc. now owns 18,462 shares of the company’s stock valued at $985,000 after purchasing an additional 2,700 shares during the last quarter. US Bancorp DE boosted its stake in shares of Molson Coors Beverage by 45.7% in the 1st quarter. US Bancorp DE now owns 3,834 shares of the company’s stock valued at $205,000 after purchasing an additional 1,203 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Molson Coors Beverage by 4.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,654 shares of the company’s stock valued at $889,000 after purchasing an additional 720 shares during the last quarter. Finally, Natixis Advisors L.P. boosted its stake in shares of Molson Coors Beverage by 26.3% in the 1st quarter. Natixis Advisors L.P. now owns 14,411 shares of the company’s stock valued at $769,000 after purchasing an additional 3,001 shares during the last quarter. Institutional investors own 77.73% of the company’s stock.
Analyst Upgrades and Downgrades
TAP has been the topic of several recent research reports. 51job reaffirmed a “maintains” rating on shares of Molson Coors Beverage in a research note on Monday, June 26th. Barclays increased their price target on shares of Molson Coors Beverage from $69.00 to $70.00 and gave the company an “equal weight” rating in a research report on Thursday, July 20th. JPMorgan Chase & Co. increased their price target on shares of Molson Coors Beverage from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. 58.com reiterated a “maintains” rating on shares of Molson Coors Beverage in a research report on Monday, June 26th. Finally, The Goldman Sachs Group increased their price target on shares of Molson Coors Beverage from $61.00 to $69.00 and gave the company a “neutral” rating in a research report on Thursday, July 20th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and an average target price of $61.88.
Insiders Place Their Bets
Molson Coors Beverage Price Performance
NYSE:TAP opened at $70.55 on Friday. Molson Coors Beverage has a 1-year low of $46.69 and a 1-year high of $70.90. The company has a current ratio of 0.77, a quick ratio of 0.49 and a debt-to-equity ratio of 0.48. The firm has a fifty day simple moving average of $65.94 and a 200 day simple moving average of $58.55. The stock has a market capitalization of $15.26 billion, a PE ratio of -59.29, a P/E/G ratio of 2.09 and a beta of 0.85.
Molson Coors Beverage (NYSE:TAP – Get Free Report) last released 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 business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same period last year, the business earned $0.29 earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. On average, research analysts expect that Molson Coors Beverage will post 4.78 EPS for the current fiscal year.
Molson Coors Beverage Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $1.64 dividend on an annualized basis and a yield of 2.32%. Molson Coors Beverage’s dividend payout ratio (DPR) is -137.81%.
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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.
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