State of Alaska Department of Revenue Has $4.63 Million Stake in Molson Coors Beverage Company (NYSE:TAP)

State of Alaska Department of Revenue increased its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 281.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,073 shares of the company's stock after purchasing an additional 56,155 shares during the quarter. State of Alaska Department of Revenue's holdings in Molson Coors Beverage were worth $4,629,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of TAP. Norges Bank purchased a new position in shares of Molson Coors Beverage during the fourth quarter valued at $142,407,000. Fairfax Financial Holdings Ltd. Can purchased a new position in Molson Coors Beverage during the 4th quarter valued at about $68,010,000. Estuary Capital Management LP acquired a new position in shares of Molson Coors Beverage in the 4th quarter valued at about $39,052,000. Freestone Grove Partners LP acquired a new position in shares of Molson Coors Beverage in the 4th quarter valued at about $29,913,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Molson Coors Beverage in the fourth quarter worth approximately $27,660,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Activity at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the business's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director now owns 27,595 shares in the company, 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 SEC, which can be accessed through the SEC website. Corporate insiders own 2.71% of the company's stock.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded down $0.78 on Friday, reaching $48.03. 4,635,495 shares of the stock were exchanged, compared to its average volume of 2,130,763. 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 Company has a twelve month low of $47.83 and a twelve month high of $64.66. The firm has a fifty day moving average price of $54.85 and a two-hundred day moving average price of $57.13. The stock has a market cap of $9.71 billion, a PE ratio of 9.66, a PEG ratio of 1.82 and a beta of 0.72.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its 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). The business 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.95 EPS. Sell-side analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a yield of 3.91%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is currently 37.83%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Needham & Company LLC dropped 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 research note on Monday, May 12th. Wall Street Zen downgraded shares of Molson Coors Beverage from a "buy" rating to a "hold" rating in a research note on Saturday, May 17th. Morgan Stanley reduced 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. Berenberg Bank started coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 target price on the stock. Finally, UBS Group reduced their price target on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $63.26.

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.