Foundry Partners LLC Acquires Shares of 5,580 Molson Coors Beverage Company (NYSE:TAP)

Foundry Partners LLC bought a new stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 5,580 shares of the company's stock, valued at approximately $340,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Golden State Wealth Management LLC raised its stake in Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after buying an additional 290 shares in the last quarter. Financial Management Professionals Inc. increased its position in shares of Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after purchasing an additional 493 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock worth $37,000 after purchasing an additional 643 shares in the last quarter. First Financial Corp IN acquired a new position in Molson Coors Beverage in the 1st quarter valued at about $37,000. Finally, Quarry LP boosted its holdings in Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after purchasing an additional 254 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage 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 completion of the transaction, the director owned 27,595 shares in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on TAP shares. Wall Street Zen cut shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Sanford C. Bernstein cut their price target 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. Needham & Company LLC decreased their price target on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Barclays cut their price target on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating for the company in a report on Tuesday, July 15th. Finally, Bank of America downgraded shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $59.26.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $1.65 during trading hours on Tuesday, hitting $51.61. 2,435,079 shares of the company's stock were exchanged, compared to its average volume of 2,153,974. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. The firm has a market cap of $10.43 billion, a P/E ratio of 10.39, a P/E/G ratio of 2.77 and a beta of 0.69. The firm has a 50 day moving average of $51.39 and a two-hundred day moving average of $55.65. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The business's quarterly revenue was down 11.3% compared to the same quarter last year. 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 announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, September 5th. This represents a $1.88 annualized dividend and a yield of 3.64%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 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.