Crossmark Global Holdings Inc. Purchases 6,389 Shares of Molson Coors Beverage Company (NYSE:TAP)

Crossmark Global Holdings Inc. grew its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 112.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,086 shares of the company's stock after acquiring an additional 6,389 shares during the period. Crossmark Global Holdings Inc.'s holdings in Molson Coors Beverage were worth $736,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Randolph Co Inc raised its stake in shares of Molson Coors Beverage by 26.2% during the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company's stock worth $27,352,000 after buying an additional 98,984 shares during the last quarter. HighTower Advisors LLC boosted its holdings in Molson Coors Beverage by 123.3% during the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company's stock worth $1,047,000 after purchasing an additional 10,080 shares during the last quarter. Kendall Capital Management boosted its holdings in Molson Coors Beverage by 42.7% during the first quarter. Kendall Capital Management now owns 19,995 shares of the company's stock worth $1,217,000 after purchasing an additional 5,985 shares during the last quarter. Estuary Capital Management LP acquired a new position in Molson Coors Beverage during the fourth quarter worth $39,052,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Molson Coors Beverage by 7.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,330 shares of the company's stock worth $1,352,000 after acquiring an additional 1,606 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Trading Up 0.5%

Shares of NYSE:TAP traded up $0.23 during mid-day trading on Friday, hitting $50.04. The company had a trading volume of 1,782,019 shares, compared to its average volume of 2,153,682. The firm has a fifty day moving average price of $52.02 and a 200 day moving average price of $55.91. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The company has a market capitalization of $10.12 billion, a PE ratio of 10.07, a price-to-earnings-growth ratio of 2.77 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.95 EPS. As a group, research analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's dividend payout ratio is 37.83%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Berenberg Bank assumed coverage on shares of Molson Coors Beverage in a research report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price target on the stock. UBS Group lowered their price target on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Barclays reduced their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Piper Sandler reduced their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, June 23rd. Finally, Needham & Company LLC reduced their price target on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $60.12.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business'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 of the company's stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.71% of the stock is owned by corporate insiders.

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.