New Age Alpha Advisors LLC Sells 26,248 Shares of Molson Coors Beverage Company (NYSE:TAP)

Key Points

• New Age Alpha Advisors LLC reduced its stake in Molson Coors Beverage Company by 48.8%, resulting in ownership of 27,584 shares valued at approximately $1.68 million.
• Institutional investors currently hold 78.46% of Molson Coors Beverage's shares, with several firms, such as Golden State Wealth Management LLC and Financial Management Professionals Inc., making significant increases to their positions in the first quarter of the year.
• The company's stock has a current consensus rating of "Hold" and price target adjustments from various analysts, with the most recent figures indicating a target drop to $53.00 from Evercore ISI.

New Age Alpha Advisors LLC decreased its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,584 shares of the company's stock after selling 26,248 shares during the period. New Age Alpha Advisors LLC's holdings in Molson Coors Beverage were worth $1,679,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. LSV Asset Management lifted its position in 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 buying an additional 86,601 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Molson Coors Beverage by 16.8% in the 1st 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 period. Invesco Ltd. grew its stake in shares of Molson Coors Beverage by 4.2% in the fourth quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after buying an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Molson Coors Beverage by 12.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after buying an additional 422,515 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Molson Coors Beverage by 12.7% in the fourth quarter. Northern Trust Corp now owns 1,970,718 shares of the company's stock valued at $112,962,000 after buying an additional 221,539 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on TAP. UBS Group lowered their price objective on Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. Barclays lowered their price objective on Molson Coors Beverage from $53.00 to $49.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Finally, The Goldman Sachs Group reduced their target price on Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Eleven investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $58.12.

Molson Coors Beverage Stock Performance

NYSE TAP traded up $1.08 during trading on Tuesday, reaching $51.39. 734,882 shares of the company's stock were exchanged, compared to its average volume of 2,474,709. The business has a 50 day moving average price of $49.86 and a 200-day moving average price of $55.11. The stock has a market capitalization of $10.39 billion, a P/E ratio of 10.15, a PEG ratio of 1.85 and a beta of 0.67. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio 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 posted its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%. The business had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the prior year, the business earned $1.92 EPS. The firm's revenue for the quarter was down 1.6% on a year-over-year basis. Sell-side analysts forecast 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 will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Friday, September 5th. Molson Coors Beverage's dividend payout ratio (DPR) is currently 37.08%.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the transaction, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.71% of the company's stock.

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.