OLD National Bancorp IN Buys 68,235 Shares of Molson Coors Beverage Company $TAP

Key Points

• OLD National Bancorp IN increased its Molson Coors stake by 39.9% in the first quarter, buying 68,235 additional shares and bringing its total holdings to 239,430 shares worth about $10.3 million.
• Molson Coors reported better-than-expected quarterly results, with EPS of $0.62 versus an expected $0.36 and revenue of $2.35 billion, up 2% from a year earlier.
• The company also paid a quarterly dividend of $0.48 per share, implying an annualized yield of 4.7%, while Wall Street’s consensus rating remains Hold with an average price target of $44.88.

OLD National Bancorp IN raised its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 39.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 239,430 shares of the company's stock after purchasing an additional 68,235 shares during the period. OLD National Bancorp IN owned 0.13% of Molson Coors Beverage worth $10,310,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. GoalVest Advisory LLC bought a new position in shares of Molson Coors Beverage during the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. boosted its stake in Molson Coors Beverage by 84.1% in the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock valued at $25,000 after acquiring an additional 244 shares in the last quarter. Basepoint Wealth LLC acquired a new stake in Molson Coors Beverage in the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its holdings in Molson Coors Beverage by 64.2% in 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 during the last quarter. Finally, Larson Financial Group LLC grew its holdings in Molson Coors Beverage by 551.1% in the fourth quarter. Larson Financial Group LLC now owns 612 shares of the company's stock worth $29,000 after purchasing an additional 518 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Trading Down 0.2%

Shares of Molson Coors Beverage stock opened at $40.45 on Friday. The firm's 50 day simple moving average is $41.39 and its two-hundred day simple moving average is $45.08. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of -3.80 and a beta of 0.41. 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 posted its quarterly earnings data on Friday, May 1st. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.36 by $0.26. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The business's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 earnings per share. Analysts predict that Molson Coors Beverage Company will post 4.8 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 29th were given 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 yield of 4.7%. Molson Coors Beverage's payout ratio is currently -18.05%.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the business'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 sale, the director owned 9,871 shares in the company, valued at approximately $419,517.50. The trade was a 11.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.27% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TAP. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $42.00 price target on shares of Molson Coors Beverage in a research report on Friday, May 1st. UBS Group dropped their target price on Molson Coors Beverage from $50.00 to $45.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Jefferies Financial Group reduced their target price on Molson Coors Beverage from $43.00 to $41.00 in a research report on Friday, June 12th. BNP Paribas Exane decreased their price target on Molson Coors Beverage from $36.00 to $35.00 and set an "underperform" rating for the company in a research note on Wednesday, June 3rd. Finally, Sanford C. Bernstein lowered their price target on Molson Coors Beverage from $74.00 to $45.00 and set a "market perform" rating for the company in a report on Tuesday, May 26th. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $44.88.

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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