Molson Coors Beverage Company (NYSE:TAP) Shares Purchased by RWC Asset Management LLP

Key Points

• RWC Asset Management LLP increased its stake in Molson Coors Beverage Company by 12.9%, owning a total of 843,366 shares after purchasing 96,182 shares.
• Molson Coors reported a quarterly EPS of $0.50, missing the consensus estimate of $0.80, and its revenue decreased by 11.3% compared to the previous year.
• The company declared a quarterly dividend of $0.47 per share, which will yield 3.67% annually, with the ex-dividend date set for September 5th.

RWC Asset Management LLP boosted its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 12.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 843,366 shares of the company's stock after purchasing an additional 96,182 shares during the quarter. Molson Coors Beverage comprises 2.6% of RWC Asset Management LLP's portfolio, making the stock its 7th largest position. RWC Asset Management LLP owned about 0.42% of Molson Coors Beverage worth $51,336,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of TAP. Empirical Finance LLC raised its position in shares of Molson Coors Beverage by 3.1% in the 1st quarter. Empirical Finance LLC now owns 16,391 shares of the company's stock worth $998,000 after buying an additional 492 shares during the period. Valley Wealth Managers Inc. purchased a new position in shares of Molson Coors Beverage in the 1st quarter worth about $18,681,000. HB Wealth Management LLC raised its holdings in shares of Molson Coors Beverage by 84.1% in the 1st quarter. HB Wealth Management LLC now owns 10,437 shares of the company's stock worth $635,000 after purchasing an additional 4,769 shares during the period. Cetera Investment Advisers lifted its stake in shares of Molson Coors Beverage by 23.8% in the 1st quarter. Cetera Investment Advisers now owns 43,002 shares of the company's stock valued at $2,618,000 after purchasing an additional 8,276 shares in the last quarter. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of Molson Coors Beverage during the 1st quarter worth about $216,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

TAP traded up $0.72 during midday trading on Tuesday, reaching $50.64. The company's stock had a trading volume of 2,118,103 shares, compared to its average volume of 2,413,981. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month high of $64.66. The stock has a market cap of $10.24 billion, a P/E ratio of 10.19, a PEG ratio of 2.84 and a beta of 0.69. The company has a fifty day simple moving average of $50.80 and a 200 day simple moving average of $55.47. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.95 EPS. Research analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be issued a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Friday, September 5th. Molson Coors Beverage's payout ratio is 37.83%.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director owned 27,595 shares of the company's stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.71% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TAP. Barclays reduced their price target on shares of Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Needham & Company LLC cut their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Wall Street Zen downgraded Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. UBS Group dropped their target price on Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating on the stock in a report on Thursday, July 17th. Finally, Bank of America cut Molson Coors Beverage from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $59.26.

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.