Gabelli Funds LLC Buys 45,000 Shares of Molson Coors Beverage Company $TAP

Key Points

• Gabelli Funds LLC increased its holdings in Molson Coors Beverage Company by 47.1% in the first quarter, owning approximately 0.07% of the company valued at $8.56 million.
• Molson Coors Beverage reported $2.05 earnings per share for the last quarter, exceeding estimates of $1.83, despite a 1.6% revenue decline year-over-year.
• The company announced a quarterly dividend of $0.47 per share, representing an annualized yield of 3.7% and a payout ratio of 37.08%.

Gabelli Funds LLC raised its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 47.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 140,600 shares of the company's stock after buying an additional 45,000 shares during the period. Gabelli Funds LLC owned 0.07% of Molson Coors Beverage worth $8,558,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Keeley Teton Advisors LLC raised its holdings in Molson Coors Beverage by 0.3% during the first quarter. Keeley Teton Advisors LLC now owns 90,192 shares of the company's stock valued at $5,490,000 after buying an additional 283 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Molson Coors Beverage by 72.4% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,380,377 shares of the company's stock worth $84,024,000 after acquiring an additional 579,649 shares during the period. Comerica Bank raised its holdings in Molson Coors Beverage by 4.9% in the 1st quarter. Comerica Bank now owns 110,349 shares of the company's stock worth $6,717,000 after acquiring an additional 5,131 shares during the period. Freedom Investment Management Inc. raised its holdings in Molson Coors Beverage by 13.5% in the 1st quarter. Freedom Investment Management Inc. now owns 24,819 shares of the company's stock worth $1,511,000 after acquiring an additional 2,953 shares during the period. Finally, Campbell & CO Investment Adviser LLC raised its holdings in Molson Coors Beverage by 476.2% in the 1st quarter. Campbell & CO Investment Adviser LLC now owns 86,988 shares of the company's stock worth $5,295,000 after acquiring an additional 71,890 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on TAP shares. Bank of America downgraded shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Roth Capital set a $71.00 price objective on shares of Molson Coors Beverage and gave the stock a "buy" rating in a report on Tuesday, May 20th. Citigroup dropped their price objective on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a report on Tuesday, July 15th. Finally, Evercore ISI dropped their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Six research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Molson Coors Beverage has an average rating of "Hold" and an average price target of $58.12.

Molson Coors Beverage Price Performance

NYSE:TAP traded up $0.23 during mid-day trading on Friday, reaching $50.45. 1,714,557 shares of the company were exchanged, compared to its average volume of 2,642,138. Molson Coors Beverage Company has a 12 month low of $46.94 and a 12 month high of $64.66. The company has a fifty day moving average of $49.98 and a 200 day moving average of $54.81. The company has a quick ratio of 0.67, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.20 billion, a PE ratio of 9.95, a PEG ratio of 1.84 and a beta of 0.67.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the firm earned $1.92 EPS. The company's revenue was down 1.6% on a year-over-year basis. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. On average, research analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a yield of 3.7%. Molson Coors Beverage's dividend payout ratio is currently 37.08%.

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.