Molson Coors Beverage Company $TAP Shares Bought 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 increased its holdings in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 92.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,409 shares of the company's stock after buying an additional 15,051 shares during the quarter. Procyon Advisors LLC's holdings in Molson Coors Beverage were worth $1,510,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of TAP. Ameriprise Financial Inc. increased its holdings in Molson Coors Beverage by 414.3% in the 1st quarter. Ameriprise Financial Inc. now owns 1,987,132 shares of the company's stock worth $120,960,000 after buying an additional 1,600,748 shares during the period. KBC Group NV increased its holdings in Molson Coors Beverage by 269.1% in the 1st quarter. KBC Group NV now owns 1,237,539 shares of the company's stock worth $75,329,000 after buying an additional 902,296 shares during the period. Dimensional Fund Advisors LP increased its holdings in Molson Coors Beverage by 20.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company's stock worth $274,144,000 after buying an additional 750,388 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Molson Coors Beverage by 16.8% during 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 in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Molson Coors Beverage by 72.4% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,380,377 shares of the company's stock valued at $84,024,000 after purchasing an additional 579,649 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

TAP has been the topic of a number of recent analyst reports. The Goldman Sachs Group decreased their target price on Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. UBS Group reduced their price target on Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Evercore ISI reduced their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "outperform" rating on the stock in a report on Wednesday, August 6th. Sanford C. Bernstein dropped their target price on Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating for the company in a research report on Wednesday, July 9th. Finally, Needham & Company LLC lowered their price objective on Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Molson Coors Beverage presently has a consensus rating of "Hold" and a consensus price target of $58.18.

Molson Coors Beverage Trading Down 0.7%

NYSE TAP traded down $0.35 during trading hours on Friday, hitting $46.55. 5,386,130 shares of the company's stock were exchanged, compared to its average volume of 2,046,938. The business's 50 day moving average is $49.99 and its 200-day moving average is $53.59. Molson Coors Beverage Company has a 12-month low of $46.35 and a 12-month high of $64.66. The firm has a market capitalization of $9.20 billion, a P/E ratio of 9.18, a price-to-earnings-growth ratio of 1.70 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.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $3.12 billion. During the same period last year, the business posted $1.92 EPS. The company's revenue was down 1.6% on a year-over-year basis. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. As a group, analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a dividend of $0.47 per share. The ex-dividend date was Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a yield of 4.0%. Molson Coors Beverage's payout ratio is currently 37.08%.

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.