Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 34,344 Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 34,344 shares of Molson Coors Beverage, valued at approximately $2.09 million, as part of their 1st quarter investments.
• Institutional ownership remains high, with hedge funds and other institutions owning 78.46% of Molson Coors's stock, reflecting significant investor interest.
• Molson Coors announced a quarterly dividend of $0.47 per share, representing an annualized yield of 3.7%, payable on September 19th.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 34,344 shares of the company's stock, valued at approximately $2,091,000.

Several other institutional investors have also added to or reduced their stakes in the business. National Bank of Canada FI boosted its position in Molson Coors Beverage by 4.0% during the first quarter. National Bank of Canada FI now owns 416,880 shares of the company's stock valued at $25,378,000 after buying an additional 16,038 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Molson Coors Beverage by 7.4% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 305,886 shares of the company's stock valued at $18,619,000 after buying an additional 21,003 shares during the period. Headlands Technologies LLC purchased a new stake in Molson Coors Beverage during the first quarter valued at about $70,000. Deutsche Bank AG boosted its position in Molson Coors Beverage by 24.2% during the first quarter. Deutsche Bank AG now owns 2,797,189 shares of the company's stock valued at $170,265,000 after buying an additional 544,353 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Molson Coors Beverage by 1.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,704,932 shares of the company's stock worth $103,779,000 after purchasing an additional 20,311 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction 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 trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.71% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TAP shares. Citigroup dropped their target price on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a report on Tuesday, July 15th. Bank of America lowered shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. 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. Finally, 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 report on Wednesday, August 6th. Eleven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $58.12.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $51.28 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.67. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The company has a 50-day simple moving average of $49.80 and a two-hundred day simple moving average of $55.02. The firm has a market capitalization of $10.37 billion, a PE ratio of 10.11, a price-to-earnings-growth ratio of 1.88 and a beta of 0.67.

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

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.7%. Molson Coors Beverage's dividend payout ratio (DPR) 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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