AlphaStar Capital Management LLC Purchases 5,685 Shares of Molson Coors Beverage Company (NYSE:TAP)

AlphaStar Capital Management LLC lifted its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 27.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 26,162 shares of the company's stock after acquiring an additional 5,685 shares during the period. AlphaStar Capital Management LLC's holdings in Molson Coors Beverage were worth $1,592,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. DoubleLine ETF Adviser LP grew its holdings in shares of Molson Coors Beverage by 1.7% during the 4th quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock worth $590,000 after acquiring an additional 170 shares during the period. Truvestments Capital LLC grew its holdings in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock worth $34,000 after acquiring an additional 202 shares during the period. ProShare Advisors LLC grew its holdings in shares of Molson Coors Beverage by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock worth $2,809,000 after acquiring an additional 206 shares during the period. Forum Financial Management LP grew its holdings in shares of Molson Coors Beverage by 4.4% during the 4th quarter. Forum Financial Management LP now owns 5,210 shares of the company's stock worth $299,000 after acquiring an additional 220 shares during the period. Finally, TD Waterhouse Canada Inc. grew its holdings in shares of Molson Coors Beverage by 3.7% during the 4th quarter. TD Waterhouse Canada Inc. now owns 7,014 shares of the company's stock worth $402,000 after acquiring an additional 249 shares during the period. 78.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a report on Monday, June 23rd. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and cut their price target for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Wells Fargo & Company cut their price target on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 25th. Needham & Company LLC cut their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Finally, UBS Group cut their price target on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Thirteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of "Hold" and an average target price of $60.12.

Molson Coors Beverage Stock Up 0.5%

TAP traded up $0.23 during trading on Friday, hitting $50.04. 1,782,019 shares of the company's stock traded hands, compared to its average volume of 2,152,772. The company's 50 day simple moving average is $52.02 and its two-hundred day simple moving average is $55.95. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66. The stock has a market capitalization of $10.12 billion, a price-to-earnings ratio of 10.07, a PEG ratio of 2.75 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate 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 analysts' expectations of $2.43 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. The business's revenue for the quarter was down 11.3% on a year-over-year basis. Analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced 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. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.76%. Molson Coors Beverage's dividend payout ratio is 37.83%.

Insider Buying and Selling at Molson Coors Beverage

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

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.