Molson Coors Beverage Company (NYSE:TAP) Stock Holdings Lessened by Private Management Group Inc.

Key Points

• Private Management Group Inc. reduced its stake in Molson Coors Beverage Company by 7.3% during the first quarter, owning approximately 0.19% of the company valued at $23.18 million after selling 30,118 shares.
• Molson Coors reported earnings of $0.50 per share for the last quarter, missing estimates by $0.30 and experiencing a year-over-year revenue decline of 11.3%.
• The company announced a quarterly dividend of $0.47, with a dividend yield of 3.69%, set to be paid on September 19th.

Private Management Group Inc. trimmed its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 7.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 380,815 shares of the company's stock after selling 30,118 shares during the quarter. Private Management Group Inc. owned 0.19% of Molson Coors Beverage worth $23,180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Molson Coors Beverage during the 4th quarter worth about $142,407,000. Fairfax Financial Holdings Ltd. Can acquired a new position in shares of Molson Coors Beverage during the 4th quarter worth about $68,010,000. KBC Group NV boosted its position in shares of 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 in the last quarter. Estuary Capital Management LP acquired a new position in shares of Molson Coors Beverage during the 4th quarter worth about $39,052,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Molson Coors Beverage by 16.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock valued at $251,442,000 after purchasing an additional 595,203 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Molson Coors Beverage

In related 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 sale, the director owned 27,595 shares of the company's stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TAP shares. Berenberg Bank initiated coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 target price for the company. Sanford C. Bernstein reduced their price objective on Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating for the company in a research note on Wednesday, July 9th. Wells Fargo & Company reduced their price objective on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday, June 25th. Citigroup cut their target price on Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a research note on Tuesday, July 15th. Finally, Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $59.26.

Molson Coors Beverage Trading Up 1.1%

Shares of TAP traded up $0.55 during trading hours on Tuesday, hitting $50.47. The stock had a trading volume of 536,236 shares, compared to its average volume of 2,402,415. The company's fifty day simple moving average is $50.80 and its 200 day simple moving average is $55.47. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66. The firm has a market cap of $10.20 billion, a P/E ratio of 10.15, a P/E/G ratio of 2.84 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its 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 for the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm's revenue was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.95 earnings per share. Equities research analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.73%. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

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.