Bank of New York Mellon Corp Cuts Stock Position in Molson Coors Beverage Company $TAP

Bank of New York Mellon Corp lessened its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 23.1% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,856,820 shares of the company's stock after selling 855,776 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.45% of Molson Coors Beverage worth $133,356,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GoalVest Advisory LLC purchased a new stake in shares of Molson Coors Beverage during the fourth quarter worth $25,000. SBI Securities Co. Ltd. grew its holdings in shares of Molson Coors Beverage by 84.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock worth $25,000 after buying an additional 244 shares in the last quarter. Basepoint Wealth LLC acquired a new stake in shares of Molson Coors Beverage during the 4th quarter worth approximately $26,000. Smartleaf Asset Management LLC increased its holdings in shares of Molson Coors Beverage by 64.2% during the 2nd quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock worth $27,000 after buying an additional 221 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Molson Coors Beverage by 551.1% during the fourth quarter. Larson Financial Group LLC now owns 612 shares of the company's stock worth $29,000 after buying an additional 518 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the completion of the transaction, the director owned 9,871 shares of the company's stock, valued at $419,517.50. The trade was a 11.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Andrew Thomas Molson purchased 2,000 shares of the business's stock in a transaction dated Monday, March 9th. The shares were purchased at an average cost of $46.67 per share, with a total value of $93,340.00. Following the purchase, the director directly owned 24,654 shares in the company, valued at approximately $1,150,602.18. The trade was a 8.83% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.27% of the company's stock.

Analyst Ratings Changes

TAP has been the topic of several research reports. UBS Group reduced their price target on shares of Molson Coors Beverage from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. JPMorgan Chase & Co. reduced their price target on shares of Molson Coors Beverage from $45.00 to $43.00 and set a "neutral" rating on the stock in a research report on Monday, April 27th. Wells Fargo & Company reduced their price target on shares of Molson Coors Beverage from $45.00 to $43.00 and set an "equal weight" rating on the stock in a research report on Monday, May 18th. Morgan Stanley reduced their price target on shares of Molson Coors Beverage from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, May 4th. Finally, Barclays reduced their price target on shares of Molson Coors Beverage from $43.00 to $41.00 and set an "underweight" rating on the stock in a research report on Friday, May 1st. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $45.00.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $39.10 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity ratio of 0.38. The firm has a market cap of $7.33 billion, a PE ratio of -3.68 and a beta of 0.41. The company's 50 day simple moving average is $42.41 and its 200-day simple moving average is $45.67. Molson Coors Beverage Company has a 12-month low of $38.04 and a 12-month high of $54.82.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period last year, the firm posted $0.50 earnings per share. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, equities analysts predict that Molson Coors Beverage Company will post 4.74 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, May 29th. Molson Coors Beverage's payout ratio is -18.05%.

About Molson Coors Beverage

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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