Envestnet Asset Management Inc. Buys 52,971 Shares of Molson Coors Beverage Company (NYSE:TAP)

Envestnet Asset Management Inc. raised its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 16.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 368,030 shares of the company's stock after acquiring an additional 52,971 shares during the period. Envestnet Asset Management Inc. owned approximately 0.18% of Molson Coors Beverage worth $22,402,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC increased its stake in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after purchasing an additional 290 shares in the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares during the last quarter. CoreCap Advisors LLC increased 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 acquiring an additional 643 shares in the last quarter. First Financial Corp IN acquired a new stake in shares of Molson Coors Beverage in the 1st quarter worth about $37,000. Finally, Quarry LP lifted its position in Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after acquiring an additional 254 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Transactions 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 transaction, the director directly owned 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Stock Performance

NYSE:TAP traded down $0.27 on Friday, reaching $50.07. 1,903,441 shares of the company's stock were exchanged, compared to its average volume of 2,150,040. The firm has a market cap of $10.12 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 2.79 and a beta of 0.69. 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 stock has a fifty day simple moving average of $51.39 and a 200-day simple moving average of $55.67. Molson Coors Beverage Company has a 52 week low of $46.94 and a 52 week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm earned $0.95 EPS. The company's revenue was down 11.3% compared to the same quarter last year. As a group, sell-side analysts predict 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 will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Morgan Stanley dropped their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Bank of America lowered shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Sanford C. Bernstein dropped their price target on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 9th. Citigroup cut their price target on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating on the stock in a report on Tuesday. Finally, Wall Street Zen lowered shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Thirteen equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $59.12.

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.