Forsta AP Fonden Sells 46,900 Shares of Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Forsta AP Fonden reduced its stake in Molson Coors Beverage Company by 37.3% in the first quarter, after selling 46,900 shares, leaving it with 78,700 shares valued at approximately $4.79 million.
• Director Geoffrey E. Molson recently sold 1,333 shares of the company's stock for over $75,000, resulting in a 4.61% decrease in his holdings.
• The company will pay a quarterly dividend of $0.47 on September 19th, with an annualized yield of 3.7% and a payout ratio of 37.08%.

Forsta AP Fonden lessened its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 37.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 78,700 shares of the company's stock after selling 46,900 shares during the quarter. Forsta AP Fonden's holdings in Molson Coors Beverage were worth $4,790,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TAP. LSV Asset Management grew its stake in shares of Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock valued at $387,711,000 after acquiring an additional 86,601 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Molson Coors Beverage by 16.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock valued at $251,442,000 after acquiring an additional 595,203 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Molson Coors Beverage by 12.7% during the 4th 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 last quarter. Deutsche Bank AG lifted its holdings in shares of Molson Coors Beverage by 24.2% in the 1st quarter. Deutsche Bank AG now owns 2,797,189 shares of the company's stock worth $170,265,000 after purchasing an additional 544,353 shares during the last quarter. Finally, Northern Trust Corp lifted its stake in Molson Coors Beverage by 12.7% in the fourth quarter. Northern Trust Corp now owns 1,970,718 shares of the company's stock valued at $112,962,000 after buying an additional 221,539 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Price Performance

Shares of TAP stock traded down $0.44 during mid-day trading on Thursday, reaching $51.28. The company's stock had a trading volume of 1,660,570 shares, compared to its average volume of 2,480,546. The firm's 50-day moving average is $49.81 and its two-hundred day moving average is $55.06. The company has a market cap of $10.37 billion, a P/E ratio of 10.11, a PEG ratio of 1.86 and a beta of 0.67. Molson Coors Beverage Company has a 1-year low of $46.94 and a 1-year high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.95.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released 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 company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.12 billion. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%. The company's quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.92 earnings per share. On average, research analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders 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 dividend on an annualized basis and a yield of 3.7%. Molson Coors Beverage's payout ratio is 37.08%.

Insider Buying and Selling

In other news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction that occurred 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 $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

TAP has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Molson Coors Beverage from $53.00 to $49.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Morgan Stanley lowered their target price on Molson Coors Beverage from $58.00 to $53.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Needham & Company LLC dropped their price target on shares of Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Finally, The Goldman Sachs Group reduced their target price on Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Eleven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $58.12.

About Molson Coors Beverage

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.