Molson Coors Beverage Company (NYSE:TAP) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. significantly reduced its holdings in Molson Coors Beverage, selling 99.8% of its shares, leaving it with only 8,901 shares valued at $542,000.
• The company reported an earnings miss with $0.50 EPS for the quarter, falling short of the consensus estimate of $0.80, alongside an 11.3% decline in quarterly revenue year-over-year.
• Molson Coors has announced a quarterly dividend of $0.47 per share, with a dividend yield of 3.9%, and the payout will be effective on September 19th.

Pacer Advisors Inc. lowered its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 99.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,901 shares of the company's stock after selling 4,444,557 shares during the quarter. Pacer Advisors Inc.'s holdings in Molson Coors Beverage were worth $542,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Golden State Wealth Management LLC grew its position in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after purchasing an additional 290 shares during the last quarter. Millstone Evans Group LLC lifted its stake in shares of Molson Coors Beverage by 151.8% during the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock worth $26,000 after buying an additional 255 shares during the period. Financial Management Professionals Inc. grew its holdings in shares of Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares during the last quarter. CoreCap Advisors LLC increased its position in shares of Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after acquiring an additional 643 shares during the period. Finally, First Financial Corp IN purchased a new position in Molson Coors Beverage in the 1st quarter worth $37,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

TAP traded down $0.50 on Friday, reaching $48.22. The stock had a trading volume of 3,089,493 shares, compared to its average volume of 2,136,257. The business's 50-day moving average price is $50.32 and its two-hundred day moving average price is $55.32. The company has a market cap of $9.75 billion, a P/E ratio of 9.70, a price-to-earnings-growth ratio of 2.93 and a beta of 0.67. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). The business had revenue of $2.30 billion during the quarter, compared to analysts' expectations of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. Molson Coors Beverage's revenue for the quarter was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. Sell-side analysts forecast that Molson Coors Beverage Company will post 6.35 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 19th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Friday, September 5th. Molson Coors Beverage's dividend payout ratio is presently 37.83%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. JPMorgan Chase & Co. dropped their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday. Piper Sandler cut their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a report on Monday, June 23rd. Morgan Stanley decreased their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research note on Friday, May 9th. Finally, Sanford C. Bernstein dropped their price objective on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a report on Wednesday, July 9th. Twelve equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $58.87.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director owned 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.71% of the stock is currently owned by insiders.

Molson Coors Beverage Company 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.