Salem Investment Counselors Inc. Decreases Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Salem Investment Counselors Inc. reduced its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 73.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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 quarter.

Several other large investors have also bought and sold shares of the stock. Financial Management Professionals Inc. grew 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 buying an additional 493 shares during the period. Truvestments Capital LLC grew its stake in shares of 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 buying an additional 202 shares during the period. CoreCap Advisors LLC grew its stake in shares of Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after buying an additional 643 shares during the period. First Financial Corp IN acquired a new stake in shares of Molson Coors Beverage in the 1st quarter valued at about $37,000. Finally, Quarry LP lifted its position in Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company's stock valued at $41,000 after acquiring an additional 254 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction that occurred 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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Performance

NYSE:TAP traded down $0.96 during mid-day trading on Friday, hitting $50.56. 1,993,774 shares of the company traded hands, compared to its average volume of 2,111,147. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The stock's fifty day moving average price is $55.95 and its 200-day moving average price is $57.54. The firm has a market cap of $10.22 billion, a price-to-earnings ratio of 9.45, a price-to-earnings-growth ratio of 1.52 and a beta of 0.72. Molson Coors Beverage has a one year low of $49.38 and a one year high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate 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 net margin of 8.17% and a return on equity of 9.34%. The firm's revenue for the quarter was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. Research analysts anticipate that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is 37.83%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the stock a "buy" rating in a report on Tuesday, May 20th. Barclays decreased their price target on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a report on Monday, May 12th. Needham & Company LLC reduced their target price on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Finally, UBS Group cut their price target on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Eleven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price 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.