Procyon Advisors LLC Purchases New Holdings in Molson Coors Beverage (NYSE:TAP)

Procyon Advisors LLC purchased a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 16,358 shares of the company's stock, valued at approximately $996,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Molson Coors Beverage by 12.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 20,724 shares of the company's stock worth $1,197,000 after purchasing an additional 2,372 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Molson Coors Beverage by 3.5% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 20,342 shares of the company's stock valued at $1,166,000 after purchasing an additional 680 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Molson Coors Beverage by 11.4% in the 4th quarter. Kingsview Wealth Management LLC now owns 168,607 shares of the company's stock valued at $9,665,000 after acquiring an additional 17,242 shares in the last quarter. Empowered Funds LLC lifted its position in Molson Coors Beverage by 4.8% during the fourth quarter. Empowered Funds LLC now owns 182,352 shares of the company's stock valued at $10,452,000 after purchasing an additional 8,335 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in shares of Molson Coors Beverage by 147.1% in the 4th quarter. Empirical Finance LLC now owns 15,899 shares of the company's stock worth $911,000 after purchasing an additional 9,464 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company's stock.

Insider Activity at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the business's 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 completion of the sale, the director now directly owns 27,595 shares of the company's stock, valued at approximately $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 can be accessed through this link. 2.71% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TAP has been the topic of several recent analyst reports. Morgan Stanley cut their target price on shares of 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. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target on the stock. Barclays reduced their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Needham & Company LLC dropped their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Eleven research 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 has an average rating of "Hold" and an average target price of $63.26.

Molson Coors Beverage Stock Up 0.2%

TAP opened at $51.95 on Friday. The company has a market capitalization of $10.50 billion, a PE ratio of 9.71, a price-to-earnings-growth ratio of 1.52 and a beta of 0.72. The firm has a 50-day simple moving average of $56.88 and a two-hundred day simple moving average of $57.86. 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 has a 52 week low of $49.19 and a 52 week high of $64.66.

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

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.62%. The ex-dividend date is Friday, June 6th. 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.

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