Kendall Capital Management Raises Stake in Molson Coors Beverage Company (NYSE:TAP)

Kendall Capital Management lifted its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 42.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,995 shares of the company's stock after buying an additional 5,985 shares during the period. Kendall Capital Management's holdings in Molson Coors Beverage were worth $1,217,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TAP. Norges Bank purchased a new position in Molson Coors Beverage in the fourth quarter valued at about $142,407,000. Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Molson Coors Beverage in the 4th quarter worth approximately $68,010,000. KBC Group NV grew its holdings in shares of Molson Coors Beverage by 269.1% in the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company's stock worth $75,329,000 after acquiring an additional 902,296 shares during the period. Estuary Capital Management LP purchased a new position in Molson Coors Beverage in the 4th quarter valued at approximately $39,052,000. Finally, Freestone Grove Partners LP purchased a new position in Molson Coors Beverage in the 4th quarter valued at approximately $29,913,000. 78.46% of the stock is owned by institutional investors and hedge funds.

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 on Wednesday, May 21st. The shares were 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.71% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TAP has been the topic of several research reports. Barclays lowered their target price on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Wells Fargo & Company dropped their target price 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, June 25th. Bank of America cut shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and cut their target price for the stock from $65.00 to $50.00 in a research report on Friday. Finally, Berenberg Bank began coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target on the stock. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $60.46.

Molson Coors Beverage Trading Up 1.4%

TAP stock traded up $0.66 during midday trading on Monday, hitting $48.10. The stock had a trading volume of 3,795,633 shares, compared to its average volume of 2,136,034. Molson Coors Beverage Company has a 12-month low of $45.97 and a 12-month high of $64.66. The firm has a market cap of $9.72 billion, a PE ratio of 9.68, a price-to-earnings-growth ratio of 1.78 and a beta of 0.72. The company's 50-day moving average price is $53.69 and its 200 day moving average price is $56.59. 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 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 quarter in the previous year, the company earned $0.95 earnings per share. The company's revenue was down 11.3% on a year-over-year basis. On average, equities research analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

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.