Dakota Wealth Management Takes $2.14 Million Position in Molson Coors Beverage Company (NYSE:TAP)

Dakota Wealth Management purchased a new position in Molson Coors Beverage Company (NYSE:TAP - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 35,171 shares of the company's stock, valued at approximately $2,141,000.

Several other large investors also recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock valued at $245,308,000 after acquiring an additional 54,867 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Molson Coors Beverage by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after purchasing an additional 595,203 shares during the period. Invesco Ltd. boosted its stake in shares of Molson Coors Beverage by 4.2% during the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after purchasing an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Molson Coors Beverage by 12.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after buying an additional 422,515 shares during the period. Finally, Norges Bank bought a new position in Molson Coors Beverage in the fourth quarter worth approximately $142,407,000. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Price Performance

NYSE:TAP traded up $0.65 during trading hours on Wednesday, reaching $49.70. 1,749,884 shares of the company were exchanged, compared to its average volume of 2,150,054. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The firm has a market cap of $10.05 billion, a PE ratio of 10.00, a price-to-earnings-growth ratio of 2.74 and a beta of 0.69. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month high of $64.66. The stock's 50-day moving average is $51.70 and its 200-day moving average is $55.81.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued 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 7.74% and a return on equity of 8.59%. The company had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the prior year, the business posted $0.95 earnings per share. The company's quarterly revenue was down 11.3% compared to the same quarter last year. On average, sell-side 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 company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.78%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's payout ratio is 37.83%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TAP. Barclays dropped their target price on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Piper Sandler decreased their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research report on Monday, June 23rd. Berenberg Bank initiated coverage on 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. Finally, Needham & Company LLC lowered their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Thirteen analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $59.49.

Insider Buying and Selling

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction 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 sale, the director owned 27,595 shares of the company's stock, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.71% of the company's stock.

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.