Resonant Capital Advisors LLC Buys New Position in Molson Coors Beverage Company (NYSE:TAP)

Resonant Capital Advisors LLC bought a new stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,318 shares of the company's stock, valued at approximately $385,000.

A number of other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC grew its stake in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock worth $25,000 after buying an additional 290 shares during the last quarter. Financial Management Professionals Inc. grew its stake in Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after buying an additional 493 shares during the last quarter. Truvestments Capital LLC boosted its position in Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock worth $34,000 after acquiring an additional 202 shares during the period. CoreCap Advisors LLC boosted its position in Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock worth $37,000 after acquiring an additional 643 shares during the period. Finally, First Financial Corp IN acquired a new position in Molson Coors Beverage during the 1st quarter worth $37,000. 78.46% of the stock is currently owned by institutional investors.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the 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 owned 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.71% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TAP. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their target price for the company from $65.00 to $50.00 in a report on Friday, June 27th. Piper Sandler reduced their target price 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. UBS Group reduced their target price 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. Finally, Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a research report on Tuesday, May 20th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Molson Coors Beverage presently has an average rating of "Hold" and a consensus price target of $60.46.

Molson Coors Beverage Stock Down 1.0%

Shares of NYSE TAP traded down $0.48 during mid-day trading on Monday, reaching $48.96. 2,422,075 shares of the company traded hands, compared to its average volume of 2,147,836. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The stock has a market cap of $9.90 billion, a PE ratio of 9.85, a price-to-earnings-growth ratio of 2.72 and a beta of 0.69. The company's fifty day moving average is $52.63 and its two-hundred day moving average is $56.16. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts' consensus estimates of $0.80 by ($0.30). The company 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 business's revenue was down 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.95 EPS. On average, analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage's dividend payout ratio is 37.83%.

About Molson Coors Beverage

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.