Aaron Wealth Advisors LLC Takes $309,000 Position in Molson Coors Beverage Company (NYSE:TAP)

Aaron Wealth Advisors LLC acquired a new position in Molson Coors Beverage Company (NYSE:TAP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,075 shares of the company's stock, valued at approximately $309,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TAP. Golden State Wealth Management LLC boosted its stake in shares of Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after purchasing an additional 290 shares during the period. Financial Management Professionals Inc. raised its holdings in shares of Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after purchasing an additional 493 shares in the last quarter. Truvestments Capital LLC raised its holdings in shares of Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares in the last quarter. First Financial Corp IN bought a new position in shares of Molson Coors Beverage during the 1st quarter worth approximately $37,000. Finally, CoreCap Advisors LLC raised its stake in shares of Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock worth $37,000 after acquiring an additional 643 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on TAP. UBS Group cut their price target on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the stock a "buy" rating in a report on Tuesday, May 20th. Needham & Company LLC lowered 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 report on Monday, May 12th. Bank of America cut Molson Coors Beverage from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Finally, Morgan Stanley reduced their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $60.46.

Molson Coors Beverage Trading Down 1.0%

Shares of TAP traded down $0.48 during trading on Monday, reaching $48.96. 2,422,075 shares of the company traded hands, compared to its average volume of 2,147,836. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month high of $64.66. The stock has a market cap of $9.90 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 2.72 and a beta of 0.69. The stock has a 50-day simple moving average of $52.63 and a 200-day simple moving average of $56.16. 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 - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The firm's revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.95 EPS. On average, analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a $0.47 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.84%. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction that occurred on Wednesday, May 21st. The shares were 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 $1,553,322.55. The trade was 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 this hyperlink. 2.71% of the stock is owned by corporate insiders.

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.