Contrarius Group Holdings Ltd Invests $33.39 Million in Molson Coors Beverage Company $TAP

Key Points

• Contrarius Group Holdings Ltd bought 715,210 shares of Molson Coors Beverage in Q4, a stake worth about $33.39 million and equal to roughly 0.36% of the company.
• Molson Coors reported better-than-expected quarterly results, posting EPS of $0.62 versus $0.36 expected and revenue of $2.35 billion, up 2% year over year.
• The company declared a quarterly dividend of $0.48 per share, representing an annualized yield of about 4.9%, while analysts currently rate the stock a consensus Hold with a $45 target price.

Contrarius Group Holdings Ltd purchased a new position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 715,210 shares of the company's stock, valued at approximately $33,386,000. Molson Coors Beverage makes up about 1.6% of Contrarius Group Holdings Ltd's holdings, making the stock its 17th largest position. Contrarius Group Holdings Ltd owned about 0.36% of Molson Coors Beverage as of its most recent filing with the SEC.

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

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the transaction, the director directly owned 9,871 shares of the company's stock, valued at approximately $419,517.50. The trade was a 11.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.27% of the company's stock.

Analyst Ratings Changes

TAP has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Molson Coors Beverage from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. JPMorgan Chase & Co. cut their target price 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. Piper Sandler reduced their price objective on Molson Coors Beverage from $50.00 to $45.00 and set a "neutral" rating on the stock in a research report on Thursday, February 19th. UBS Group reduced their price objective on 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. Finally, Needham & Company LLC reduced their price objective on Molson Coors Beverage from $52.00 to $50.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $45.00.

Molson Coors Beverage Price Performance

TAP stock opened at $39.10 on Monday. The company has a fifty day moving average price of $42.41 and a 200-day moving average price of $45.67. The company has a market capitalization of $7.33 billion, a P/E ratio of -3.68 and a beta of 0.41. Molson Coors Beverage Company has a 52-week low of $38.04 and a 52-week high of $54.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54.

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

Molson Coors Beverage Dividend Announcement

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

Molson Coors Beverage Company 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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