Bank of New York Mellon Corp Boosts Stock Holdings in Molson Coors Beverage Company (NYSE:TAP)

Bank of New York Mellon Corp increased its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 16.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,130,807 shares of the company's stock after acquiring an additional 595,203 shares during the period. Bank of New York Mellon Corp owned about 2.04% of Molson Coors Beverage worth $251,442,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TAP. US Bancorp DE raised its position in Molson Coors Beverage by 103.9% during the 4th quarter. US Bancorp DE now owns 19,285 shares of the company's stock valued at $1,106,000 after purchasing an additional 9,825 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Molson Coors Beverage by 2.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,684,621 shares of the company's stock valued at $96,562,000 after purchasing an additional 33,234 shares during the last quarter. Victory Capital Management Inc. raised its position in Molson Coors Beverage by 25.7% during the 4th quarter. Victory Capital Management Inc. now owns 545,437 shares of the company's stock valued at $31,264,000 after purchasing an additional 111,390 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Molson Coors Beverage by 14.6% during the 4th quarter. M&T Bank Corp now owns 14,038 shares of the company's stock worth $804,000 after acquiring an additional 1,792 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in shares of Molson Coors Beverage during the 4th quarter worth approximately $1,991,000. Institutional investors own 78.46% of the company's stock.

Analyst Ratings Changes

TAP has been the topic of several recent research reports. Piper Sandler cut their price target on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, June 23rd. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the stock a "buy" rating in a report on Tuesday, May 20th. Berenberg Bank assumed coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target for the company. Finally, Sanford C. Bernstein cut their price objective on Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating for the company in a research report on Wednesday. Thirteen investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $60.12.

Insider Activity 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 completion of the sale, the director directly owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Performance

NYSE TAP traded up $0.26 during trading hours on Thursday, hitting $49.81. The company had a trading volume of 1,971,984 shares, compared to its average volume of 2,150,032. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. Molson Coors Beverage Company has a 1-year low of $46.94 and a 1-year high of $64.66. The company has a market cap of $10.07 billion, a PE ratio of 10.02, a price-to-earnings-growth ratio of 2.73 and a beta of 0.69. The business has a 50 day moving average of $52.32 and a 200-day moving average of $56.07.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The business's revenue was down 11.3% on a year-over-year basis. As a group, equities research analysts expect 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 was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.47 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.77%. Molson Coors Beverage's payout ratio is 37.83%.

Molson Coors Beverage 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.