Resonant Capital Advisors LLC Acquires New Holdings in Molson Coors Beverage Company (NYSE:TAP)

Resonant Capital Advisors LLC acquired a new position in Molson Coors Beverage Company (NYSE:TAP - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,318 shares of the company's stock, valued at approximately $385,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Golden State Wealth Management LLC boosted 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 valued at $25,000 after purchasing an additional 290 shares in the last quarter. Financial Management Professionals Inc. lifted its holdings in shares of Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after buying an additional 493 shares during the period. Truvestments Capital LLC boosted its stake in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after buying an additional 202 shares in the last quarter. CoreCap Advisors LLC boosted its stake in Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after buying an additional 643 shares in the last quarter. Finally, First Financial Corp IN acquired a new position in Molson Coors Beverage during the first quarter worth about $37,000. Institutional investors own 78.46% of the company's stock.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Price Performance

TAP opened at $49.37 on Friday. The firm has a market capitalization of $9.98 billion, a P/E ratio of 9.93, a PEG ratio of 2.72 and a beta of 0.69. The stock has a fifty day moving average of $52.93 and a 200-day moving average of $56.33. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly 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). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The firm's quarterly revenue was down 11.3% on a year-over-year basis. Equities analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.81%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on TAP. Wells Fargo & Company cut their price target on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. Piper Sandler cut their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research note on Monday, June 23rd. Berenberg Bank began coverage on shares of Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 target price for the company. Bank of America cut Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price target for the company from $65.00 to $50.00 in a report on Friday, June 27th. Finally, Morgan Stanley cut their price objective on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage presently has a consensus rating of "Hold" and a consensus target price of $60.46.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.