Highland Capital Management LLC Raises Stock Position in Molson Coors Beverage Company (NYSE:TAP)

Highland Capital Management LLC boosted its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 73.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 125,010 shares of the company's stock after acquiring an additional 53,090 shares during the period. 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 also recently bought and sold shares of the stock. DoubleLine ETF Adviser LP lifted its position in Molson Coors Beverage by 1.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock valued at $590,000 after purchasing an additional 170 shares during the last quarter. Truvestments Capital LLC lifted its position in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares during the last quarter. SRS Capital Advisors Inc. lifted its position in Molson Coors Beverage by 38.6% during the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock valued at $42,000 after purchasing an additional 203 shares during the last quarter. ProShare Advisors LLC lifted its position in Molson Coors Beverage by 0.4% during the fourth quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock valued at $2,809,000 after purchasing an additional 206 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position in Molson Coors Beverage by 21.2% during the fourth quarter. Lindbrook Capital LLC now owns 1,247 shares of the company's stock valued at $71,000 after purchasing an additional 218 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

NYSE:TAP traded up $0.24 during trading hours on Friday, hitting $47.48. 3,321,802 shares of the company were exchanged, compared to its average volume of 2,130,823. The stock has a market capitalization of $9.60 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 1.76 and a beta of 0.72. Molson Coors Beverage Company has a 52-week low of $46.94 and a 52-week high of $64.66. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The company's 50 day moving average price is $53.69 and its 200-day moving average price is $56.65.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The company had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the prior year, the firm posted $0.95 EPS. The firm's revenue for the quarter was down 11.3% on a year-over-year basis. As a group, research analysts forecast that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.96%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's payout ratio is 37.83%.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director now directly 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 document filed with the SEC, which is available at the SEC website. Company insiders own 2.71% of the company's stock.

Wall Street Analyst Weigh In

TAP has been the subject of several analyst reports. Bank of America lowered shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $65.00 to $50.00 in a report on Friday. Barclays lowered their target price on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. UBS Group decreased their price objective 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. Roth Capital set a $71.00 price objective on shares of Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Wells Fargo & Company decreased their price objective on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday. Twelve analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $60.46.

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.