Benjamin Edwards Inc. Lowers Stake in Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Benjamin Edwards Inc. has reduced its stake in Molson Coors Beverage Company by 49.2%, now holding 8,974 shares valued at approximately $546,000.
• Hedge funds collectively own 78.46% of Molson Coors' stock, with several firms like LSV Asset Management and Deutsche Bank AG increasing their holdings in the first quarter.
• Recent analyst reports have lowered price targets for Molson Coors, with Goldman Sachs cutting its target from $77.00 to $67.00 while maintaining a "buy" rating.

Benjamin Edwards Inc. cut its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 49.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,974 shares of the company's stock after selling 8,681 shares during the quarter. Benjamin Edwards Inc.'s holdings in Molson Coors Beverage were worth $546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TAP. LSV Asset Management lifted its holdings in shares of Molson Coors Beverage by 1.4% during the 1st quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock worth $387,711,000 after acquiring an additional 86,601 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Molson Coors Beverage by 16.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after acquiring an additional 595,203 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Molson Coors Beverage by 12.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock worth $215,146,000 after acquiring an additional 422,515 shares during the period. Deutsche Bank AG lifted its holdings in shares of Molson Coors Beverage by 24.2% during the 1st quarter. Deutsche Bank AG now owns 2,797,189 shares of the company's stock worth $170,265,000 after acquiring an additional 544,353 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Molson Coors Beverage by 12.7% during the 4th quarter. Northern Trust Corp now owns 1,970,718 shares of the company's stock worth $112,962,000 after acquiring an additional 221,539 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TAP shares. The Goldman Sachs Group cut 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. JPMorgan Chase & Co. cut their price objective on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Needham & Company LLC dropped their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Finally, Barclays dropped their target price on shares of Molson Coors Beverage from $53.00 to $49.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $58.12.

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director 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 document filed with the SEC, which is accessible through this link. Corporate insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Down 0.8%

NYSE TAP opened at $51.28 on Friday. The stock has a market cap of $10.37 billion, a PE ratio of 10.11, a P/E/G ratio of 1.88 and a beta of 0.67. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66. The business has a 50 day moving average price of $49.80 and a two-hundred day moving average price of $55.02. The company has a quick ratio of 0.67, a current ratio of 0.95 and a debt-to-equity ratio of 0.46.

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

Molson Coors Beverage Dividend Announcement

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

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.

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