Contravisory Investment Management Inc. Acquires Shares of 8,824 Molson Coors Beverage (NYSE:TAP)

Contravisory Investment Management Inc. acquired a new stake in Molson Coors Beverage (NYSE:TAP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 8,824 shares of the company's stock, valued at approximately $537,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Truvestments Capital LLC lifted its position in shares of Molson Coors Beverage by 51.4% in the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after acquiring an additional 202 shares in the last quarter. CoreCap Advisors LLC raised its stake in Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after purchasing an additional 643 shares during the last quarter. First Financial Corp IN purchased a new position in Molson Coors Beverage in the 1st quarter valued at about $37,000. Quarry LP lifted its holdings in Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after purchasing an additional 254 shares in the last quarter. Finally, Catalyst Capital Advisors LLC boosted its stake in shares of Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company's stock worth $42,000 after purchasing an additional 428 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Molson Coors Beverage

In other 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 sale, the director now owns 27,595 shares in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.71% of the company's stock.

Molson Coors Beverage Trading Down 1.8%

Shares of Molson Coors Beverage stock traded down $0.94 during trading hours on Thursday, reaching $51.84. The stock had a trading volume of 2,937,405 shares, compared to its average volume of 2,135,786. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 9.69, a P/E/G ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $57.07 and a two-hundred day simple moving average of $57.94.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm earned $0.95 earnings per share. The company's quarterly revenue was down 11.3% on a year-over-year basis. As a group, equities research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, June 6th. This represents a $1.88 annualized dividend and a dividend yield of 3.63%. Molson Coors Beverage's payout ratio is 37.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TAP shares. Barclays cut their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. Wall Street Zen cut shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Morgan Stanley cut their price target on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. Citigroup upgraded Molson Coors Beverage from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. Finally, UBS Group lowered their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $63.26.

Molson Coors Beverage Company 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.