AIA Group Ltd Acquires 12,566 Shares of Molson Coors Beverage Company (NYSE:TAP)

Key Points

• AIA Group Ltd increased its stake in Molson Coors Beverage Company by 40.1% in the first quarter, owning 43,886 shares valued at $2.67 million.
• Several analysts have reduced their price targets for Molson Coors, with a consensus rating of "Hold" and an average target price of $58.12.
• Molson Coors recently declared a quarterly dividend of $0.47 per share, translating to an annualized dividend yield of 3.7%.

AIA Group Ltd lifted its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 40.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,886 shares of the company's stock after purchasing an additional 12,566 shares during the quarter. AIA Group Ltd's holdings in Molson Coors Beverage were worth $2,671,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of Nova Scotia raised its holdings in shares of Molson Coors Beverage by 2.5% during the fourth quarter. Bank of Nova Scotia now owns 24,059 shares of the company's stock worth $1,379,000 after acquiring an additional 579 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $27,660,000. Bessemer Group Inc. raised its holdings in shares of Molson Coors Beverage by 5.2% during the fourth quarter. Bessemer Group Inc. now owns 34,698 shares of the company's stock worth $1,990,000 after acquiring an additional 1,713 shares during the period. Sterling Capital Management LLC raised its holdings in shares of Molson Coors Beverage by 52.2% during the fourth quarter. Sterling Capital Management LLC now owns 10,153 shares of the company's stock worth $582,000 after acquiring an additional 3,480 shares during the period. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Molson Coors Beverage by 17.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 48,316 shares of the company's stock worth $2,769,000 after acquiring an additional 7,036 shares during the period. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP stock traded up $0.19 during midday trading on Friday, hitting $51.42. 1,514,086 shares of the company were exchanged, compared to its average volume of 2,850,004. The firm has a market capitalization of $10.40 billion, a P/E ratio of 10.14, a PEG ratio of 1.87 and a beta of 0.67. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.95. The firm's 50 day moving average price is $49.78 and its two-hundred day moving average price is $54.99. Molson Coors Beverage Company has a 52 week low of $46.94 and a 52 week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.83 by $0.22. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.12 billion. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. Molson Coors Beverage's revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.92 EPS. As a group, equities research analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 annualized dividend and a dividend yield of 3.7%. Molson Coors Beverage's payout ratio is presently 37.08%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. The Goldman Sachs Group dropped their price objective on shares of Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Citigroup lowered their price target on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. JPMorgan Chase & Co. lowered their price target on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a research note on Thursday, July 31st. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Finally, UBS Group lowered their price target on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Eleven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $58.12.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the sale, the director owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.71% of the company's stock.

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.