Molson Coors Beverage Company (NYSE:TAP) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 281.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 76,073 shares of the company's stock after buying 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 at the end of the most recent quarter.

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

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director now owns 27,595 shares of the company's stock, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TAP. UBS Group cut their price objective on shares of Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a report on Tuesday, May 20th. Piper Sandler lowered their price objective on Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating for the company in a research note on Monday. Finally, Barclays cut their target price on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research 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, Molson Coors Beverage has an average rating of "Hold" and a consensus price target of $62.86.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP traded up $0.20 during trading on Tuesday, reaching $48.25. 2,824,806 shares of the company's stock traded hands, compared to its average volume of 2,120,985. The stock has a market capitalization of $9.75 billion, a P/E ratio of 9.71, a price-to-earnings-growth ratio of 1.79 and a beta of 0.72. Molson Coors Beverage Company has a 12 month low of $47.41 and a 12 month high of $64.66. The company has a 50 day moving average of $54.60 and a 200-day moving average of $56.98. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued 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 company had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business's revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.95 earnings per share. On average, equities analysts expect that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.88 annualized dividend and a dividend yield of 3.90%. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

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.