Bank of New York Mellon Corp Has $143.24 Million Stock Holdings in Molson Coors Beverage Company $TAP

Key Points

• Bank of New York Mellon increased its Molson Coors stake by 16.4% in the first quarter, ending with 3.33 million shares worth about $143.24 million, or roughly 1.77% of the company.
• Molson Coors reported better-than-expected Q1 earnings of $0.62 per share versus the $0.36 estimate, with revenue of $2.35 billion, up 2% year over year.
• The company announced a quarterly dividend of $0.48 per share, implying an annualized yield of about 4.7%, while analysts currently rate the stock a consensus “Hold” with a target price of $44.06.

Bank of New York Mellon Corp raised its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 16.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 3,326,427 shares of the company's stock after acquiring an additional 469,607 shares during the period. Bank of New York Mellon Corp owned approximately 1.77% of Molson Coors Beverage worth $143,236,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. GoalVest Advisory LLC bought a new stake in Molson Coors Beverage in the fourth quarter valued at about $25,000. SBI Securities Co. Ltd. increased its stake in shares of Molson Coors Beverage by 84.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock valued at $25,000 after acquiring an additional 244 shares during the last quarter. Basepoint Wealth LLC bought a new stake in shares of Molson Coors Beverage in the 4th quarter valued at about $26,000. Smartleaf Asset Management LLC raised its position in shares of Molson Coors Beverage by 64.2% in the 2nd quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock valued at $27,000 after acquiring an additional 221 shares during the period. Finally, Larson Financial Group LLC boosted its stake in Molson Coors Beverage by 551.1% during the 4th quarter. Larson Financial Group LLC now owns 612 shares of the company's stock worth $29,000 after acquiring an additional 518 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Trading Up 0.0%

Shares of NYSE:TAP opened at $40.93 on Monday. The company's 50-day moving average price is $40.29 and its two-hundred day moving average price is $44.26. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.54 and a quick ratio of 0.38. Molson Coors Beverage Company has a one year low of $38.04 and a one year high of $54.82. The stock has a market capitalization of $7.68 billion, a PE ratio of -3.85 and a beta of 0.42.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.36 by $0.26. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.Molson Coors Beverage's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 earnings per share. On average, equities analysts forecast that Molson Coors Beverage Company will post 4.8 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 28th will be paid a dividend of $0.48 per share. The ex-dividend date is Friday, August 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.7%. Molson Coors Beverage's dividend payout ratio is currently -18.05%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC lowered their target price on shares of Molson Coors Beverage from $52.00 to $50.00 and set a "buy" rating for the company in a research note on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on shares of Molson Coors Beverage from $45.00 to $43.00 and set a "neutral" rating for the company in a report on Monday, April 27th. BNP Paribas Exane lowered their price objective on shares of Molson Coors Beverage from $36.00 to $35.00 and set an "underperform" rating for the company in a research report on Wednesday, June 3rd. Zacks Research raised Molson Coors Beverage from a "strong sell" rating to a "hold" rating in a research note on Monday, April 13th. Finally, TD Cowen upgraded Molson Coors Beverage to a "hold" rating in a report on Friday, June 26th. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $44.06.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,245 shares of the firm's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the transaction, the director directly owned 9,871 shares of the company's stock, valued at approximately $419,517.50. This trade represents a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.27% of the company's stock.

Molson Coors Beverage Profile

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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