Molson Coors Beverage Company $TAP Shares Bought by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its stake in Molson Coors Beverage by 15.2% in the first quarter, adding 33,683 shares to bring its total to 255,293 shares valued at about $11 million.
• Wall Street sentiment remains mixed: analysts currently have a consensus “Hold” rating on TAP with an average price target of $44, even though recent target changes ranged from bullish to bearish.
• Molson Coors reported better-than-expected quarterly earnings of $0.62 per share and revenue of $2.35 billion, and it also announced a quarterly dividend of $0.48 per share, implying a 4.7% yield.

Hsbc Holdings PLC raised its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 15.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 255,293 shares of the company's stock after acquiring an additional 33,683 shares during the quarter. Hsbc Holdings PLC owned approximately 0.14% of Molson Coors Beverage worth $10,990,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in TAP. SBI Securities Co. Ltd. lifted its stake in Molson Coors Beverage by 84.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock worth $25,000 after purchasing an additional 244 shares during the last quarter. Basepoint Wealth LLC acquired a new stake in Molson Coors Beverage during the fourth quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its holdings in Molson Coors Beverage by 64.2% during the second quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock worth $27,000 after purchasing an additional 221 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Molson Coors Beverage by 551.1% during the 4th quarter. Larson Financial Group LLC now owns 612 shares of the company's stock worth $29,000 after buying an additional 518 shares during the last quarter. Finally, Clearstead Advisors LLC lifted its position in shares of Molson Coors Beverage by 223.0% during the 4th quarter. Clearstead Advisors LLC now owns 659 shares of the company's stock worth $31,000 after buying an additional 455 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Wall Street Analyst Weigh In

TAP has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their target price on shares of Molson Coors Beverage from $48.00 to $50.00 in a research report on Friday, May 1st. Barclays reduced their price target on shares of Molson Coors Beverage from $43.00 to $41.00 and set an "underweight" rating for the company in a research report on Friday, May 1st. UBS Group decreased their price objective on shares of Molson Coors Beverage from $46.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, July 16th. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Sunday, May 17th. Finally, TD Cowen raised Molson Coors Beverage to a "hold" rating in a report on Friday, June 26th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $44.00.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $41.07 on Thursday. The firm's fifty day simple moving average is $40.28 and its 200-day simple moving average is $44.15. Molson Coors Beverage Company has a 12 month low of $38.04 and a 12 month high of $54.82. The stock has a market capitalization of $7.70 billion, a price-to-earnings ratio of -3.86 and a beta of 0.42. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.54 and a quick ratio of 0.38.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The firm had revenue of $2.35 billion during the quarter, compared to analysts' expectations of $2.33 billion. During the same quarter in the prior year, the business earned $0.50 EPS. Molson Coors Beverage's quarterly revenue was up 2.0% compared to the same quarter last year. As a group, equities analysts forecast that Molson Coors Beverage Company will post 4.8 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 28th will be paid a dividend of $0.48 per share. The ex-dividend date is Friday, August 28th. This represents a $1.92 annualized dividend and a dividend yield of 4.7%. Molson Coors Beverage's dividend payout ratio is -18.05%.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,245 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the transaction, the director owned 9,871 shares of the company's stock, valued at $419,517.50. This trade represents a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 2.27% of the company's stock.

About Molson Coors Beverage

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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