LPL Financial LLC Acquires 16,581 Shares of Molson Coors Beverage Company (NYSE:TAP)

Key Points

• LPL Financial LLC increased its stake in Molson Coors Beverage Company by 2.3%, now holding 734,173 shares valued at approximately $44.69 million.
• Recent earnings revealed that Molson Coors missed expectations with a reported $0.50 EPS, below the anticipated $0.80 EPS, and generated $2.30 billion in revenue for the quarter.
• The company announced a quarterly dividend of $0.47 per share with a 3.9% yield, and will be paid on September 19th to investors of record as of September 5th.

LPL Financial LLC increased its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 2.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 734,173 shares of the company's stock after purchasing an additional 16,581 shares during the quarter. LPL Financial LLC owned 0.36% of Molson Coors Beverage worth $44,689,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of TAP. Golden State Wealth Management LLC raised its stake 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 in the last quarter. Millstone Evans Group LLC lifted its stake in Molson Coors Beverage by 151.8% during the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after purchasing an additional 255 shares during the last quarter. Financial Management Professionals Inc. boosted its holdings in Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after purchasing an additional 493 shares during the period. CoreCap Advisors LLC increased its stake in Molson Coors Beverage by 10,716.7% during 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 acquired a new stake in shares of Molson Coors Beverage during the first quarter worth $37,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on TAP. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Morgan Stanley reduced their price objective on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Barclays decreased their price objective on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 15th. Piper Sandler dropped their price objective on shares of 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. Finally, Needham & Company LLC dropped their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $58.87.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded up $0.50 during trading on Monday, reaching $48.71. The stock had a trading volume of 3,761,823 shares, compared to its average volume of 2,442,562. The stock has a market capitalization of $9.85 billion, a PE ratio of 9.80, a P/E/G ratio of 2.92 and a beta of 0.67. Molson Coors Beverage Company has a 52 week low of $46.94 and a 52 week high of $64.66. The business's 50-day moving average price is $50.32 and its 200 day moving average price is $55.33. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the business posted $0.95 earnings per share. As a group, equities analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a $0.47 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.9%. Molson Coors Beverage's dividend 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 Molson Coors Beverage 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 completion of the sale, the director directly owned 27,595 shares of the company's stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.71% of the stock is currently owned by company 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.