Kingsview Wealth Management LLC Has $14.42 Million Holdings in Molson Coors Beverage Company (NYSE:TAP)

Kingsview Wealth Management LLC lifted its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 40.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 236,822 shares of the company's stock after buying an additional 68,215 shares during the quarter. Kingsview Wealth Management LLC owned about 0.12% of Molson Coors Beverage worth $14,415,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of TAP. Norges Bank bought 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 stake in shares of Molson Coors Beverage during the 4th quarter valued at $68,010,000. KBC Group NV increased its position in shares of Molson Coors Beverage by 269.1% during the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company's stock valued at $75,329,000 after purchasing an additional 902,296 shares during the last quarter. Estuary Capital Management LP purchased a new stake in shares of Molson Coors Beverage during the 4th quarter valued at $39,052,000. Finally, Bank of New York Mellon Corp increased its holdings in Molson Coors Beverage by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after acquiring an additional 595,203 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Analysts Set New Price Targets

TAP has been the subject of several recent research reports. Barclays decreased their price objective on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating for the company in a report on Tuesday. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a "buy" rating in a research report on Tuesday, May 20th. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Sanford C. Bernstein reduced their target price on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a report on Wednesday, July 9th. Finally, Bank of America downgraded shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Thirteen analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $59.49.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $49.70 on Thursday. Molson Coors Beverage Company has a 1 year low of $46.94 and a 1 year 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 is $51.56 and its 200 day moving average is $55.76. The stock has a market capitalization of $10.05 billion, a P/E ratio of 10.00, a P/E/G ratio of 2.72 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the company posted $0.95 EPS. Molson Coors Beverage's revenue for the quarter was down 11.3% compared to the same quarter last year. On average, sell-side analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.47 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.78%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Insider Transactions at Molson Coors Beverage

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

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.

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