Artemis Investment Management LLP Acquires Shares of 412,034 Molson Coors Beverage Company (NYSE:TAP)

Artemis Investment Management LLP acquired a new position in Molson Coors Beverage Company (NYSE:TAP - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 412,034 shares of the company's stock, valued at approximately $25,081,000. Artemis Investment Management LLP owned about 0.20% of Molson Coors Beverage at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Randolph Co Inc grew its position in shares of Molson Coors Beverage by 26.2% in the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company's stock valued at $27,352,000 after purchasing an additional 98,984 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Molson Coors Beverage by 123.3% in the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company's stock valued at $1,047,000 after acquiring an additional 10,080 shares during the period. US Bancorp DE grew its stake in shares of Molson Coors Beverage by 103.9% in the fourth quarter. US Bancorp DE now owns 19,285 shares of the company's stock worth $1,106,000 after acquiring an additional 9,825 shares during the last quarter. Unified Investment Management bought a new position in Molson Coors Beverage during the fourth quarter worth $871,000. Finally, Estuary Capital Management LP acquired a new position in Molson Coors Beverage during the 4th quarter valued at $39,052,000. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Up 1.4%

Shares of TAP traded up $0.66 during mid-day trading on Monday, hitting $48.10. 2,653,800 shares of the company's stock were exchanged, compared to its average volume of 2,136,021. The company has a 50-day simple moving average of $53.69 and a 200 day simple moving average of $56.59. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The company has a market cap of $9.72 billion, a PE ratio of 9.68, a P/E/G ratio of 1.78 and a beta of 0.72. Molson Coors Beverage Company has a 52 week low of $45.97 and a 52 week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate 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 business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the firm earned $0.95 earnings per share. The company's quarterly revenue was down 11.3% compared to the same quarter last year. On average, research analysts forecast that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.91%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is currently 37.83%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TAP shares. Piper Sandler cut their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research report on Monday, June 23rd. Barclays dropped their price objective on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. UBS Group cut their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Morgan Stanley lowered their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Finally, Wall Street Zen downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Twelve equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has a consensus rating of "Hold" and an average price target of $60.46.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director now directly owns 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate 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.