Polar Asset Management Partners Inc. Invests $1.58 Million in Molson Coors Beverage (NYSE:TAP)

Polar Asset Management Partners Inc. purchased a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 27,500 shares of the company's stock, valued at approximately $1,576,000.

A number of other large investors have also added to or reduced their stakes in the stock. Mackenzie Financial Corp grew its position in Molson Coors Beverage by 31.7% during the fourth quarter. Mackenzie Financial Corp now owns 22,190 shares of the company's stock worth $1,272,000 after buying an additional 5,346 shares in the last quarter. Forum Financial Management LP boosted its holdings in shares of Molson Coors Beverage by 4.4% in the 4th quarter. Forum Financial Management LP now owns 5,210 shares of the company's stock valued at $299,000 after purchasing an additional 220 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Molson Coors Beverage by 1.6% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 348,580 shares of the company's stock valued at $19,981,000 after purchasing an additional 5,446 shares in the last quarter. Waverly Advisors LLC acquired a new stake in shares of Molson Coors Beverage in the 4th quarter valued at $998,000. Finally, Wallace Capital Management Inc. boosted its holdings in shares of Molson Coors Beverage by 306.5% in the 4th quarter. Wallace Capital Management Inc. now owns 221,718 shares of the company's stock valued at $12,709,000 after purchasing an additional 167,178 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on 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 now directly owns 27,595 shares of the company's stock, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Trading Down 0.3%

TAP traded down $0.15 during midday trading on Friday, hitting $53.55. 3,500,587 shares of the company were exchanged, compared to its average volume of 2,141,011. The firm has a market capitalization of $10.83 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $64.66. The firm's 50 day moving average price is $57.72 and its 200-day moving average price is $58.18. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The firm's quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.95 earnings per share. As a group, equities analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's payout ratio is 37.83%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TAP. Berenberg Bank began coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 target price on the stock. Morgan Stanley reduced their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Citigroup raised Molson Coors Beverage from a "sell" rating to a "neutral" rating and raised their target price for the company from $47.00 to $57.00 in a report on Wednesday, February 5th. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Finally, Needham & Company LLC dropped their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Eleven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $63.26.

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.