Highland Capital Management LLC Buys 53,090 Shares of Molson Coors Beverage Company (NYSE:TAP)

Highland Capital Management LLC lifted its holdings in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 73.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 125,010 shares of the company's stock after acquiring an additional 53,090 shares during the quarter. Highland Capital Management LLC owned 0.06% of Molson Coors Beverage worth $7,609,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TAP. Golden State Wealth Management LLC boosted its position in Molson Coors Beverage by 230.2% during the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after buying an additional 290 shares during the period. Financial Management Professionals Inc. boosted its holdings in Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after acquiring an additional 493 shares during the period. Truvestments Capital LLC increased its stake in Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock worth $34,000 after purchasing an additional 202 shares during the period. CoreCap Advisors LLC lifted its position in Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after purchasing an additional 643 shares during the last quarter. Finally, First Financial Corp IN purchased a new stake in shares of Molson Coors Beverage during the first quarter valued at approximately $37,000. Institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

TAP has been the topic of a number of recent analyst reports. UBS Group cut their price target 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. Barclays lowered their price target on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research report on Monday, May 12th. Piper Sandler reduced their target price on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, June 23rd. Bank of America lowered shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $65.00 to $50.00 in a research note on Friday. Finally, Berenberg Bank initiated coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 target price for the company. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $60.46.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock traded up $0.99 during trading hours on Tuesday, reaching $49.08. 3,058,056 shares of the stock traded hands, compared to its average volume of 2,139,780. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The firm has a market capitalization of $9.92 billion, a price-to-earnings ratio of 9.88, a P/E/G ratio of 1.78 and a beta of 0.72. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $53.49 and a 200 day moving average price of $56.50.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.50 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 analysts' expectations of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm's quarterly revenue was down 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 earnings per share. On average, equities research analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.47 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.83%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Insider Activity at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director owned 27,595 shares of the company's stock, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.71% of the stock is owned by insiders.

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.