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

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

Several other institutional investors also recently bought and sold shares of TAP. Stephens Inc. AR boosted its position in shares of Molson Coors Beverage by 7.5% in the 4th quarter. Stephens Inc. AR now owns 19,610 shares of the company's stock worth $1,124,000 after buying an additional 1,370 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Molson Coors Beverage by 18.2% in the 4th quarter. Van ECK Associates Corp now owns 12,210 shares of the company's stock worth $700,000 after buying an additional 1,884 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in shares of Molson Coors Beverage by 20.3% in the 4th quarter. Pathway Financial Advisers LLC now owns 1,895 shares of the company's stock worth $109,000 after buying an additional 320 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in Molson Coors Beverage by 6.6% in the 4th quarter. Vontobel Holding Ltd. now owns 133,008 shares of the company's stock valued at $7,624,000 after purchasing an additional 8,240 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in Molson Coors Beverage by 0.9% in the 4th quarter. New York State Teachers Retirement System now owns 165,218 shares of the company's stock valued at $9,470,000 after purchasing an additional 1,398 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TAP has been the topic of a number of recent research reports. UBS Group reduced their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Morgan Stanley reduced their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Barclays dropped their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Finally, Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective for the company. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $63.26.

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the 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 sale, the director now owns 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.71% of the company's stock.

Molson Coors Beverage Trading Down 1.9%

TAP traded down $0.96 on Friday, reaching $50.56. 1,993,774 shares of the company's stock were exchanged, compared to its average volume of 2,114,229. The company's 50 day moving average is $55.95 and its 200-day moving average is $57.57. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 1.52 and a beta of 0.72. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its 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 business 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 9.34% and a net margin of 8.17%. The firm's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period last year, the company posted $0.95 EPS. Equities analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

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.