Sound Income Strategies LLC Boosts Stake in Molson Coors Beverage Company (NYSE:TAP)

Sound Income Strategies LLC boosted its holdings in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 6.7% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 101,721 shares of the company's stock after purchasing an additional 6,429 shares during the quarter. Sound Income Strategies LLC owned about 0.05% of Molson Coors Beverage worth $6,192,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in Molson Coors Beverage by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock worth $245,308,000 after acquiring an additional 54,867 shares in the last quarter. Invesco Ltd. grew its stake in shares of Molson Coors Beverage by 4.2% in the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after buying an additional 152,622 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock valued at $215,146,000 after buying an additional 422,515 shares during the period. Bank of New York Mellon Corp raised its stake in Molson Coors Beverage by 14.0% during the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock worth $202,661,000 after buying an additional 434,250 shares during the period. Finally, Norges Bank bought a new position in Molson Coors Beverage in the fourth quarter worth approximately $142,407,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TAP has been the subject of several recent research reports. Needham & Company LLC decreased their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a report on Monday, May 12th. Berenberg Bank assumed coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective for the company. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. UBS Group cut their target price on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Morgan Stanley lowered their price target 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. Eleven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $63.26.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage 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 completion of the transaction, the director now directly owns 27,595 shares in the company, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Performance

TAP traded down $0.58 during midday trading on Wednesday, reaching $48.76. The company had a trading volume of 3,007,921 shares, compared to its average volume of 2,120,703. Molson Coors Beverage Company has a 12-month low of $48.71 and a 12-month high of $64.66. The business has a 50-day moving average price of $55.56 and a two-hundred day moving average price of $57.37. The stock has a market cap of $9.86 billion, a PE ratio of 9.81, a P/E/G ratio of 1.85 and a beta of 0.72. 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 announced its quarterly earnings data 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). 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 7.74% and a return on equity of 8.59%. Molson Coors Beverage's revenue for the quarter was down 11.3% on a year-over-year basis. During the same period last year, the company posted $0.95 earnings per share. On average, sell-side analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share 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 $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date is Friday, June 6th. Molson Coors Beverage's dividend payout ratio is currently 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.