Molson Coors Beverage Company (NYSE:TAP) Shares Sold by Jupiter Asset Management Ltd.

Key Points

• Jupiter Asset Management Ltd. reduced its stake in Molson Coors Beverage by 11.2%, selling 53,813 shares, leaving it with 425,111 shares valued at approximately $25.9 million.
• Various institutional investors, including Bank of New York Mellon Corp, recently increased their stakes in the company, with the latter lifting its stake by 16.8%.
• Molson Coors Beverage reported an EPS of $0.50 for the last quarter, missing estimates and reflecting an 11.3% decline in revenue compared to the previous year.

Jupiter Asset Management Ltd. lessened its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 11.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 425,111 shares of the company's stock after selling 53,813 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.21% of Molson Coors Beverage worth $25,877,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. LSV Asset Management lifted its position in shares of Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock worth $387,711,000 after purchasing an additional 86,601 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Molson Coors Beverage by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock worth $245,308,000 after purchasing an additional 54,867 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Molson Coors Beverage by 16.8% during the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after purchasing an additional 595,203 shares during the last quarter. Invesco Ltd. lifted its position in shares of Molson Coors Beverage by 4.2% during the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock worth $217,200,000 after purchasing an additional 152,622 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Molson Coors Beverage by 12.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock worth $215,146,000 after purchasing an additional 422,515 shares during the last quarter. Institutional investors own 78.46% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on TAP. UBS Group reduced their price target on shares of Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, July 17th. Piper Sandler lowered their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research report on Monday, June 23rd. Wall Street Zen downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. The Goldman Sachs Group lowered their price objective on shares of Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, July 31st. Twelve equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of "Hold" and an average price target of $58.64.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director directly owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded up $0.78 during midday trading on Wednesday, reaching $50.00. 647,521 shares of the stock traded hands, compared to its average volume of 2,451,765. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average price of $50.11 and a two-hundred day moving average price of $55.24. The firm has a market cap of $10.11 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 2.94 and a beta of 0.67. 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 quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts' consensus estimates of $1.83 by $0.22. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.12 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.92 EPS. On average, equities research analysts forecast that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

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. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, September 5th. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Molson Coors Beverage 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.