Principal Financial Group Inc. Boosts Stake in Molson Coors Beverage Company (NYSE:TAP)

Principal Financial Group Inc. boosted its position in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 14.7% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 238,178 shares of the company's stock after acquiring an additional 30,463 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Molson Coors Beverage worth $14,498,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TAP. Norges Bank acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $142,407,000. Fairfax Financial Holdings Ltd. Can acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $68,010,000. KBC Group NV lifted its position in Molson Coors Beverage by 269.1% during the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company's stock worth $75,329,000 after acquiring an additional 902,296 shares during the period. Estuary Capital Management LP acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $39,052,000. Finally, Freestone Grove Partners LP acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $29,913,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $50.04 on Friday. Molson Coors Beverage Company has a 12 month low of $46.94 and a 12 month high of $64.66. The stock has a 50 day moving average of $52.02 and a two-hundred day moving average of $55.93. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The firm has a market cap of $10.12 billion, a P/E ratio of 10.07, a price-to-earnings-growth ratio of 2.76 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The firm had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the firm posted $0.95 earnings per share. Molson Coors Beverage's quarterly revenue was down 11.3% on a year-over-year basis. On average, analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a dividend of $0.47 per share. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.76%. Molson Coors Beverage's dividend payout ratio (DPR) is currently 37.83%.

Analysts Set New Price Targets

A number of analysts have commented on TAP shares. Piper Sandler lowered their price target on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research report on Monday, June 23rd. UBS Group decreased their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Needham & Company LLC decreased their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a report on Monday, May 12th. Wells Fargo & Company decreased their price objective on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. Finally, Barclays decreased their price objective on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a report on Monday, May 12th. Thirteen research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $60.12.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business's 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 completion of the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.

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