Molson Coors Beverage Company $TAP Shares Bought by Skylands Capital LLC

Key Points

• Skylands Capital LLC increased its stake in Molson Coors Beverage by 38% in the first quarter, adding 94,475 shares to bring its total to 342,800 shares worth about $14.8 million.
• Institutional ownership of Molson Coors remains high at 78.46%, and several other funds also raised their positions during the quarter.
• Analysts are mixed on TAP: the stock carries a Hold consensus rating with an average price target of $44.88, while the company recently beat earnings estimates and continues to pay a quarterly dividend yielding about 4.6%.

Skylands Capital LLC lifted its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 38.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 342,800 shares of the company's stock after purchasing an additional 94,475 shares during the quarter. Molson Coors Beverage comprises 1.9% of Skylands Capital LLC's holdings, making the stock its 11th largest position. Skylands Capital LLC owned approximately 0.18% of Molson Coors Beverage worth $14,761,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pictet Asset Management Holding SA increased its holdings in Molson Coors Beverage by 5.5% in the 1st quarter. Pictet Asset Management Holding SA now owns 37,682 shares of the company's stock worth $1,623,000 after buying an additional 1,959 shares during the period. Poehling Capital Management INC. lifted its stake in Molson Coors Beverage by 44.8% during the 1st quarter. Poehling Capital Management INC. now owns 28,419 shares of the company's stock valued at $1,224,000 after acquiring an additional 8,794 shares during the period. Foster & Motley Inc. boosted its holdings in shares of Molson Coors Beverage by 19.8% in the 1st quarter. Foster & Motley Inc. now owns 81,912 shares of the company's stock valued at $3,527,000 after acquiring an additional 13,514 shares during the last quarter. OLD National Bancorp IN increased its stake in shares of Molson Coors Beverage by 39.9% in the first quarter. OLD National Bancorp IN now owns 239,430 shares of the company's stock worth $10,310,000 after acquiring an additional 68,235 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Molson Coors Beverage in the first quarter worth $370,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Activity at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director directly owned 9,871 shares in the company, valued at $419,517.50. This represents a 11.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.27% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on TAP shares. Needham & Company LLC decreased their target price on shares of Molson Coors Beverage from $52.00 to $50.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Wells Fargo & Company reduced their price objective on Molson Coors Beverage from $45.00 to $43.00 and set an "equal weight" rating for the company in a research note on Monday, May 18th. BNP Paribas Exane decreased their price objective on Molson Coors Beverage from $36.00 to $35.00 and set an "underperform" rating for the company in a report on Wednesday, June 3rd. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $42.00 target price on shares of Molson Coors Beverage in a research note on Friday, May 1st. Finally, Morgan Stanley reduced their price target on Molson Coors Beverage from $52.00 to $46.00 and set an "equal weight" rating for the company in a research report on Monday, May 4th. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, Molson Coors Beverage presently has a consensus rating of "Hold" and an average target price of $44.88.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $41.44 on Friday. The firm has a market cap of $7.77 billion, a P/E ratio of -3.89 and a beta of 0.41. The stock has a 50 day moving average of $41.34 and a two-hundred day moving average of $45.06. Molson Coors Beverage Company has a 12 month low of $38.04 and a 12 month high of $54.82. The company has a current ratio of 0.54, a quick ratio of 0.38 and a debt-to-equity 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.36 by $0.26. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period in the previous year, the company posted $0.50 earnings per share. The business's revenue was up 2.0% on a year-over-year basis. On average, analysts expect that Molson Coors Beverage Company will post 4.81 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 12th. Stockholders of record on Friday, May 29th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.6%. Molson Coors Beverage's dividend payout ratio is presently -18.05%.

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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