Molson Coors Beverage Company (NYSE:TAP) Stake Lowered by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. trimmed its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 73.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,539 shares of the company's stock after selling 15,385 shares during the period. Salem Investment Counselors Inc.'s holdings in Molson Coors Beverage were worth $337,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Financial Management Professionals Inc. raised its stake in shares of Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after acquiring an additional 493 shares during the period. Truvestments Capital LLC increased its holdings in Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares in the last quarter. CoreCap Advisors LLC raised its position in Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after purchasing an additional 643 shares during the period. First Financial Corp IN acquired a new position in shares of Molson Coors Beverage during the first quarter worth about $37,000. Finally, Quarry LP boosted its position in shares of Molson Coors Beverage by 55.1% in the fourth quarter. Quarry LP now owns 715 shares of the company's stock worth $41,000 after buying an additional 254 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Down 0.6%

Shares of TAP stock traded down $0.30 during trading hours on Tuesday, hitting $49.32. 2,987,295 shares of the company were exchanged, compared to its average volume of 2,117,132. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 9.92, a P/E/G ratio of 1.85 and a beta of 0.72. Molson Coors Beverage Company has a one year low of $49.29 and a one year high of $64.66. The business's 50-day simple moving average is $55.56 and its two-hundred day simple moving average is $57.37. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its 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). The firm 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 company's quarterly revenue was down 11.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.95 EPS. Sell-side analysts predict that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is presently 37.83%.

Insiders Place Their Bets

In other Molson Coors Beverage 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 owns 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.71% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TAP has been the topic of several analyst reports. Berenberg Bank initiated coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 target price on the stock. Morgan Stanley dropped their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. UBS Group decreased their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research note on Friday, May 9th. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Needham & Company LLC cut their price objective 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 given a buy rating to the stock. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of "Hold" and a consensus price target of $63.26.

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.