Blueshift Asset Management LLC Takes Position in Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Blueshift Asset Management LLC acquired 8,576 shares of Molson Coors Beverage, representing a new investment valued at approximately $522,000.
• Several hedge funds, including American Century Companies Inc., significantly increased their holdings in Molson Coors Beverage during the fourth quarter, indicating growing institutional interest.
• The company recently announced a quarterly dividend of $0.47, reflecting an annualized payout of $1.88 and a dividend yield of 3.9%.

Blueshift Asset Management LLC acquired a new stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,576 shares of the company's stock, valued at approximately $522,000.

Several other institutional investors have also bought and sold shares of the stock. US Bancorp DE lifted its stake in shares of Molson Coors Beverage by 5.4% in the 1st quarter. US Bancorp DE now owns 20,326 shares of the company's stock valued at $1,237,000 after purchasing an additional 1,041 shares during the period. Foster & Motley Inc. purchased a new stake in Molson Coors Beverage during the first quarter valued at approximately $456,000. Natixis Advisors LLC grew its stake in Molson Coors Beverage by 50.4% in the first quarter. Natixis Advisors LLC now owns 64,917 shares of the company's stock worth $3,951,000 after purchasing an additional 21,758 shares in the last quarter. Bayforest Capital Ltd grew its stake in Molson Coors Beverage by 735.5% in the first quarter. Bayforest Capital Ltd now owns 1,153 shares of the company's stock worth $70,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Eastern Bank bought a new stake in Molson Coors Beverage during the 1st quarter valued at $33,000. Institutional investors own 78.46% of the company's stock.

Insiders Place Their Bets

In related 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 transaction, the director directly owned 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Up 2.1%

Shares of NYSE:TAP traded up $1.05 during trading on Wednesday, reaching $50.27. 1,808,521 shares of the company traded hands, compared to its average volume of 2,460,162. The firm has a fifty day simple moving average of $50.11 and a 200 day simple moving average of $55.24. Molson Coors Beverage Company has a 1-year low of $46.94 and a 1-year high of $64.66. The firm has a market cap of $10.16 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 2.94 and a beta of 0.67. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.22. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.12 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $1.92 EPS. Analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid 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 payout ratio is presently 37.83%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TAP. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Citigroup cut their price target on Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 15th. Wells Fargo & Company decreased their price objective on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday, June 25th. UBS Group decreased their target price on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday. Finally, Piper Sandler dropped their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. Twelve investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Molson Coors Beverage has a consensus rating of "Hold" and an average target price of $58.29.

About Molson Coors Beverage

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.