Molson Coors Beverage Company (NYSE:TAP) Shares Acquired by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its investment in Molson Coors Beverage Company by 41.4% in Q1, now holding 108,841 shares valued at $6.63 million.
• Multiple hedge funds have significantly boosted their positions in Molson Coors, with Financial Management Professionals Inc. increasing their stake by 3,286.7% during the same period.
• Recent analyst reports have led to lowered price targets for Molson Coors stock, with a consensus target now at $58.87 and an average rating of "Hold."

Federated Hermes Inc. raised its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 41.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 108,841 shares of the company's stock after purchasing an additional 31,858 shares during the period. Federated Hermes Inc. owned 0.05% of Molson Coors Beverage worth $6,625,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Wincap Financial LLC bought a new stake in shares of Molson Coors Beverage in the first quarter worth approximately $787,000. LPL Financial LLC grew its position in Molson Coors Beverage by 2.3% in the 1st quarter. LPL Financial LLC now owns 734,173 shares of the company's stock worth $44,689,000 after purchasing an additional 16,581 shares during the period. RWC Asset Management LLP lifted its holdings in shares of Molson Coors Beverage by 12.9% during the 1st quarter. RWC Asset Management LLP now owns 843,366 shares of the company's stock valued at $51,336,000 after buying an additional 96,182 shares during the period. Empirical Finance LLC boosted its stake in shares of Molson Coors Beverage by 3.1% in the 1st quarter. Empirical Finance LLC now owns 16,391 shares of the company's stock worth $998,000 after buying an additional 492 shares during the last quarter. Finally, Valley Wealth Managers Inc. purchased a new position in shares of Molson Coors Beverage in the 1st quarter worth $18,681,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was 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. This trade represents a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.71% of the company's stock.

Analyst Ratings Changes

TAP has been the topic of several recent research reports. Morgan Stanley lowered their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Bank of America cut Molson Coors Beverage from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $65.00 to $50.00 in a research report on Friday, June 27th. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, July 31st. Finally, Sanford C. Bernstein cut their target price on Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating for the company in a research report on Wednesday, July 9th. Twelve equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $58.29.

Molson Coors Beverage Stock Up 2.0%

Shares of TAP traded up $0.97 during mid-day trading on Wednesday, reaching $50.19. The company's stock had a trading volume of 3,744,827 shares, compared to its average volume of 2,473,877. 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's 50 day moving average is $50.11 and its 200 day moving average is $55.24. The stock has a market cap of $10.15 billion, a PE ratio of 10.10, a price-to-earnings-growth ratio of 2.94 and a beta of 0.67. 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 posted its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.22. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. Molson Coors Beverage's quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm posted $1.92 EPS. Equities analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.47 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.88 annualized dividend and a yield of 3.7%. Molson Coors Beverage's payout ratio is 37.83%.

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.