Greenwood Capital Associates LLC Reduces Position in Molson Coors Beverage (NYSE:TAP)

Greenwood Capital Associates LLC trimmed its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 48.0% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,049 shares of the company's stock after selling 8,340 shares during the period. Greenwood Capital Associates LLC's holdings in Molson Coors Beverage were worth $551,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of TAP. Norges Bank purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth $142,407,000. Fairfax Financial Holdings Ltd. Can purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth $68,010,000. Estuary Capital Management LP purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth $39,052,000. Freestone Grove Partners LP purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth $29,913,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Molson Coors Beverage in the 4th quarter worth $27,660,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Down 2.0%

Shares of NYSE:TAP traded down $1.00 during trading hours on Monday, hitting $49.59. The company's stock had a trading volume of 2,836,024 shares, compared to its average volume of 2,114,048. The firm's fifty day moving average price is $55.78 and its 200 day moving average price is $57.43. Molson Coors Beverage has a 52 week low of $49.36 and a 52 week high of $64.66. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 9.27, a P/E/G ratio of 1.52 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The company had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company's revenue was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 earnings per share. As a group, research analysts expect that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a dividend of $0.47 per share. The ex-dividend date is Friday, June 6th. This represents a $1.88 annualized dividend and a dividend yield of 3.79%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Needham & Company LLC dropped their price objective on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the stock a "buy" rating in a report on Tuesday, May 20th. Morgan Stanley lowered their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a report on Friday, May 9th. UBS Group lowered their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Finally, Berenberg Bank began coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 target price for the company. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $63.26.

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction that occurred 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 transaction, the director now owns 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.71% of the stock is currently owned by company insiders.

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.