Mitsubishi UFJ Asset Management Co. Ltd. Has $9.40 Million Position in Molson Coors Beverage Company $TAP

Key Points

• Mitsubishi UFJ Asset Management cut its stake in Molson Coors Beverage by 44.1% in the fourth quarter, leaving it with 198,404 shares valued at about $9.4 million.
• Molson Coors reported better-than-expected quarterly results, with EPS of $0.62 versus a $0.36 estimate and revenue of $2.35 billion, while revenue rose 2% year over year.
• The company also announced a quarterly dividend of $0.48 per share, and analysts currently have a consensus Hold rating with an average price target of $45.71.

Mitsubishi UFJ Asset Management Co. Ltd. cut its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 44.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 198,404 shares of the company's stock after selling 156,680 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.10% of Molson Coors Beverage worth $9,404,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its stake in shares of Molson Coors Beverage by 32.9% during the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after buying an additional 198 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Molson Coors Beverage by 64.2% in the second quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock worth $27,000 after acquiring an additional 221 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in shares of Molson Coors Beverage by 84.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock worth $25,000 after acquiring an additional 244 shares in the last quarter. Hilltop Holdings Inc. boosted its position in Molson Coors Beverage by 4.2% during the third quarter. Hilltop Holdings Inc. now owns 6,717 shares of the company's stock valued at $304,000 after purchasing an additional 270 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in Molson Coors Beverage by 4.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 7,284 shares of the company's stock valued at $345,000 after purchasing an additional 297 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Activity

In related news, Director Andrew Thomas Molson acquired 2,000 shares of the business's stock in a transaction dated Monday, March 9th. The stock was acquired at an average price of $46.67 per share, with a total value of $93,340.00. Following the completion of the transaction, the director owned 24,654 shares of the company's stock, valued at approximately $1,150,602.18. This represents a 8.83% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 2.27% of the company's stock.

Molson Coors Beverage Stock Down 0.0%

Shares of TAP stock opened at $42.40 on Monday. Molson Coors Beverage Company has a 12 month low of $40.64 and a 12 month high of $57.57. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38. The firm has a market cap of $7.95 billion, a PE ratio of -3.98 and a beta of 0.44. The stock has a 50 day moving average of $44.04 and a 200-day moving average of $46.33.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.26. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. Molson Coors Beverage's quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter last year, the company posted $0.50 earnings per share. On average, equities analysts predict that Molson Coors Beverage Company will post 4.74 EPS for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 29th will be issued a dividend of $0.48 per share. The ex-dividend date is Friday, May 29th. This represents a $1.92 annualized dividend and a dividend yield of 4.5%. Molson Coors Beverage's payout ratio is presently -18.05%.

Analysts Set New Price Targets

TAP has been the topic of several research reports. Evercore dropped their target price on Molson Coors Beverage from $50.00 to $47.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 21st. The Goldman Sachs Group boosted their price target on Molson Coors Beverage from $48.00 to $50.00 in a research note on Friday, May 1st. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $42.00 price objective on shares of Molson Coors Beverage in a report on Friday, May 1st. Bank of America lowered shares of Molson Coors Beverage from a "neutral" rating to an "underperform" rating and cut their price objective for the company from $50.00 to $42.00 in a research report on Wednesday, February 25th. Finally, BNP Paribas Exane downgraded shares of Molson Coors Beverage from a "hold" rating to a "strong sell" rating and set a $40.00 target price for the company. in a research report on Friday, January 16th. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, Molson Coors Beverage presently has an average rating of "Hold" and an average price target of $45.71.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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