Molson Coors Beverage Company (NYSE:TAP) Stock Position Raised by Ranmore Fund Management Ltd

Key Points

• Ranmore Fund Management Ltd increased its position in Molson Coors Beverage Company by 28.0%, making it the fund's 6th largest investment, accounting for about 7.7% of its total holdings.
• Molson Coors revealed a quarterly dividend of $0.47, which represents an annual yield of 3.7%, with the ex-dividend date set for September 5th.
• The company reported earnings of $2.05 per share for its most recent quarter, beating analysts' expectations, although revenue decreased by 1.6% year-over-year.

Ranmore Fund Management Ltd lifted its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 28.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 210,341 shares of the company's stock after purchasing an additional 46,000 shares during the quarter. Molson Coors Beverage makes up about 7.7% of Ranmore Fund Management Ltd's investment portfolio, making the stock its 6th largest position. Ranmore Fund Management Ltd owned 0.10% of Molson Coors Beverage worth $12,803,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of TAP. Golden State Wealth Management LLC raised its position in shares of Molson Coors Beverage by 230.2% during the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after acquiring an additional 290 shares during the last quarter. Millstone Evans Group LLC increased its holdings in shares of Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after acquiring an additional 255 shares in the last quarter. Financial Management Professionals Inc. increased its holdings in shares of 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 acquiring an additional 493 shares in the last quarter. Eastern Bank acquired a new position in shares of Molson Coors Beverage during the first quarter worth about $33,000. Finally, CoreCap Advisors LLC boosted its position in shares of Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock worth $37,000 after buying an additional 643 shares during the period. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director owned 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.71% of the stock is owned by insiders.

Molson Coors Beverage Trading Up 0.4%

Shares of NYSE:TAP traded up $0.19 during midday trading on Friday, reaching $51.42. The company's stock had a trading volume of 1,514,086 shares, compared to its average volume of 2,477,103. The firm has a market capitalization of $10.40 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 1.88 and a beta of 0.67. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.95. The firm has a 50 day moving average price of $49.80 and a two-hundred day moving average price of $55.02. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $1.83 by $0.22. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.12 billion. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%. The firm's revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.92 EPS. As a group, 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 announced 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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's payout ratio is presently 37.08%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. The Goldman Sachs Group reduced their price objective on Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Bank of America lowered Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $65.00 to $50.00 in a research note on Friday, June 27th. Piper Sandler lowered 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. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Eleven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and an average target price of $58.12.

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.