Sumitomo Mitsui Trust Group Inc. Grows Stock Position in Molson Coors Beverage Company (NYSE:TAP)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 2.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 352,343 shares of the company's stock after purchasing an additional 8,211 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.17% of Molson Coors Beverage worth $21,447,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TAP. Proficio Capital Partners LLC bought a new stake in shares of Molson Coors Beverage in the fourth quarter valued at about $1,991,000. Private Trust Co. NA increased its holdings in shares of Molson Coors Beverage by 53.1% during the fourth quarter. Private Trust Co. NA now owns 796 shares of the company's stock valued at $46,000 after acquiring an additional 276 shares in the last quarter. US Bancorp DE boosted its position in Molson Coors Beverage by 103.9% in the fourth quarter. US Bancorp DE now owns 19,285 shares of the company's stock valued at $1,106,000 after buying an additional 9,825 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Molson Coors Beverage by 463.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,593 shares of the company's stock valued at $147,000 after buying an additional 2,133 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its position in Molson Coors Beverage by 38.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock valued at $42,000 after buying an additional 203 shares during the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Down 1.0%

Shares of NYSE:TAP traded down $0.48 during midday trading on Monday, reaching $48.96. 2,422,075 shares of the company's stock were exchanged, compared to its average volume of 2,147,836. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 9.85, a P/E/G ratio of 2.72 and a beta of 0.69. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The firm's 50 day simple moving average is $52.63 and its two-hundred day simple moving average is $56.16. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company had revenue of $2.30 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.95 EPS. As a group, sell-side analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.84%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage's payout ratio is 37.83%.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director owned 27,595 shares of the company's stock, 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 filing with the SEC, which is available at this hyperlink. 2.71% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on TAP. Wall Street Zen lowered Molson Coors Beverage from a "buy" rating to a "hold" rating in a research report on Saturday, May 17th. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $65.00 to $50.00 in a research note on Friday, June 27th. Wells Fargo & Company reduced their price objective on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating for the company in a research note on Wednesday, June 25th. Barclays reduced their price objective on Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating for the company in a research note on Monday, May 12th. Finally, 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 note on Friday, May 9th. Twelve investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $60.46.

Molson Coors Beverage 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.