Molson Coors Beverage Company $TAP Shares Acquired by Procyon Advisors LLC

Key Points

• Procyon Advisors LLC increased its stake in Molson Coors Beverage Company by 92.0%, now holding 31,409 shares valued at approximately $1.51 million.
• Molson Coors reported earnings per share (EPS) of $2.05 for the last quarter, exceeding estimates of $1.83, but revenue dropped by 1.6% year-over-year.
• The company recently announced a quarterly dividend of $0.47, which translates to an annual yield of 4.0%.

Procyon Advisors LLC grew its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 92.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,409 shares of the company's stock after acquiring an additional 15,051 shares during the quarter. Procyon Advisors LLC's holdings in Molson Coors Beverage were worth $1,510,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Twin Capital Management Inc. lifted its position in shares of Molson Coors Beverage by 0.7% in the first quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock valued at $1,509,000 after acquiring an additional 180 shares in the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Molson Coors Beverage by 32.9% in the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock valued at $49,000 after acquiring an additional 198 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Molson Coors Beverage by 0.4% in the fourth quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock valued at $2,809,000 after acquiring an additional 206 shares in the last quarter. Callan Family Office LLC lifted its position in shares of Molson Coors Beverage by 5.0% in the first quarter. Callan Family Office LLC now owns 4,426 shares of the company's stock valued at $269,000 after acquiring an additional 209 shares in the last quarter. Finally, Forum Financial Management LP increased its holdings in shares of Molson Coors Beverage by 4.4% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

TAP has been the subject of several recent research reports. UBS Group cut their price target on Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating for the company in a report on Wednesday, August 6th. Piper Sandler cut their price target on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a report on Monday, June 23rd. Needham & Company LLC cut their price target on Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a research note on Thursday, July 31st. Finally, Bank of America cut Molson Coors Beverage from a "buy" rating to a "neutral" rating and cut their target price for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $58.18.

Molson Coors Beverage Trading Down 0.7%

Shares of TAP traded down $0.35 during midday trading on Friday, hitting $46.55. 5,386,130 shares of the stock were exchanged, compared to its average volume of 2,452,701. The firm has a market cap of $9.20 billion, a P/E ratio of 9.18, a P/E/G ratio of 1.71 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.95. The stock has a fifty day simple moving average of $50.06 and a 200 day simple moving average of $53.72. Molson Coors Beverage Company has a 52-week low of $46.35 and a 52-week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, topping analysts' consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%.The business had revenue of $3.20 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter in the previous year, the firm earned $1.92 earnings per share. The business's revenue was down 1.6% compared to the same quarter last year. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. On average, research analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a $0.47 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.0%. Molson Coors Beverage's dividend payout ratio is currently 37.08%.

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.