Edgestream Partners L.P. Raises Stock Holdings in Molson Coors Beverage Company (NYSE:TAP)

Edgestream Partners L.P. lifted its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 67.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,089 shares of the company's stock after purchasing an additional 15,730 shares during the quarter. Edgestream Partners L.P.'s holdings in Molson Coors Beverage were worth $2,379,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Golden State Wealth Management LLC increased its holdings in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after purchasing an additional 290 shares in the last quarter. Financial Management Professionals Inc. increased its stake in Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after acquiring an additional 493 shares during the last quarter. First Financial Corp IN acquired a new stake in Molson Coors Beverage in the first quarter valued at approximately $37,000. CoreCap Advisors LLC boosted its position in Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after buying an additional 643 shares in the last quarter. Finally, Quarry LP boosted its position in Molson Coors Beverage by 55.1% in the fourth quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after buying an additional 254 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was 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 in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Stock Up 1.3%

Shares of NYSE:TAP opened at $50.35 on Friday. The stock's 50-day moving average price is $51.48 and its two-hundred day moving average price is $55.72. The firm has a market cap of $10.18 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 2.75 and a beta of 0.69. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business's revenue was down 11.3% on a year-over-year basis. During the same period last year, the firm posted $0.95 earnings per share. On average, 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 announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a $0.47 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.88 annualized dividend and a dividend yield of 3.73%. Molson Coors Beverage's payout ratio is 37.83%.

Wall Street Analyst Weigh In

TAP has been the topic of a number of research analyst reports. Sanford C. Bernstein cut their target price on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 9th. Citigroup cut their target price on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a research report on Tuesday. Piper Sandler cut their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a report on Monday, June 23rd. Bank of America lowered shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and cut their price target for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Finally, Barclays cut their price target on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a report on Tuesday. Thirteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $59.12.

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.

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