Nuveen LLC Invests $22.25 Million in Molson Coors Beverage Company $TAP

Key Points

• Nuveen LLC has invested approximately $22.25 million in Molson Coors Beverage Company, acquiring 365,590 shares valued at around $22,253,000, which represents 0.18% of the company as of its latest SEC filing.
• Insiders of Molson Coors have been active, with Director Geoffrey E. Molson selling 1,333 shares recently, decreasing his ownership by 4.61% after the transaction.
• Analysts have varied opinions on Molson Coors, with target prices ranging from $52.00 to $71.00, while the stock currently holds an average rating of "Hold".

Nuveen LLC purchased a new position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 365,590 shares of the company's stock, valued at approximately $22,253,000. Nuveen LLC owned 0.18% of Molson Coors Beverage as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Randolph Co Inc lifted its holdings in shares of Molson Coors Beverage by 26.2% during the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company's stock worth $27,352,000 after purchasing an additional 98,984 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Molson Coors Beverage by 14.7% during the first quarter. Principal Financial Group Inc. now owns 238,178 shares of the company's stock worth $14,498,000 after purchasing an additional 30,463 shares during the period. Kendall Capital Management lifted its holdings in shares of Molson Coors Beverage by 42.7% during the first quarter. Kendall Capital Management now owns 19,995 shares of the company's stock worth $1,217,000 after purchasing an additional 5,985 shares during the period. Estuary Capital Management LP acquired a new position in shares of Molson Coors Beverage during the fourth quarter worth $39,052,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Molson Coors Beverage by 7.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,330 shares of the company's stock valued at $1,352,000 after buying an additional 1,606 shares during the period. Institutional investors and hedge funds own 78.46% of the company's stock.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were 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 in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.71% of the company's stock.

Analysts Set New Price Targets

TAP has been the topic of several recent analyst reports. UBS Group dropped their target price on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Evercore ISI dropped their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Wells Fargo & Company dropped their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, July 31st. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $58.12.

Molson Coors Beverage Trading Down 0.5%

NYSE:TAP opened at $51.16 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.67. The firm has a 50-day moving average of $49.77 and a 200-day moving average of $54.97. The company has a market cap of $10.34 billion, a PE ratio of 10.09, a PEG ratio of 1.87 and a beta of 0.67. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.83 by $0.22. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.12 billion. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The firm's revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.92 earnings per share. As a group, equities research analysts expect that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, September 5th. This represents a $1.88 annualized dividend and a yield of 3.7%. Molson Coors Beverage's payout ratio is 37.08%.

About Molson Coors Beverage

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.

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