Valley Wealth Managers Inc. Invests $18.68 Million in Molson Coors Beverage Company (NYSE:TAP)

Key Points

• Valley Wealth Managers Inc. invested approximately $18.68 million in Molson Coors Beverage Company, acquiring 306,895 shares which represents 0.15% ownership as of the latest reporting period.
• Molson Coors reported Q1 earnings of $0.50 EPS, falling short of the consensus estimate of $0.80 EPS, while revenue declined 11.3% year-over-year to $2.30 billion.
• The company declared a quarterly dividend of $0.47 per share, which translates to an annual yield of 3.67% based on its current payout ratio of 37.83%.

Valley Wealth Managers Inc. purchased a new stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 306,895 shares of the company's stock, valued at approximately $18,681,000. Valley Wealth Managers Inc. owned 0.15% of Molson Coors Beverage at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. DoubleLine ETF Adviser LP lifted its holdings in shares of Molson Coors Beverage by 1.7% during the fourth quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock worth $590,000 after buying an additional 170 shares in the last quarter. Twin Capital Management Inc. increased its position in Molson Coors Beverage by 0.7% during the first quarter. Twin Capital Management Inc. now owns 24,791 shares of the company's stock worth $1,509,000 after acquiring an additional 180 shares during the period. ProShare Advisors LLC raised its stake in Molson Coors Beverage by 0.4% in the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock worth $2,809,000 after purchasing an additional 206 shares in the last quarter. Forum Financial Management LP raised its stake in Molson Coors Beverage by 4.4% in the 4th quarter. Forum Financial Management LP now owns 5,210 shares of the company's stock worth $299,000 after purchasing an additional 220 shares in the last quarter. Finally, TD Waterhouse Canada Inc. boosted its holdings in Molson Coors Beverage by 3.7% in the 4th quarter. TD Waterhouse Canada Inc. now owns 7,014 shares of the company's stock valued at $402,000 after purchasing an additional 249 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $51.16 on Friday. The business has a fifty day simple moving average of $50.93 and a 200 day simple moving average of $55.49. The company has a market cap of $10.34 billion, a P/E ratio of 10.29, a P/E/G ratio of 2.82 and a beta of 0.69. The company has a quick ratio of 0.59, a current ratio of 0.89 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month high of $64.66.

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 the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the firm posted $0.95 EPS. The firm's revenue was down 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a $0.47 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a yield of 3.67%. Molson Coors Beverage's dividend payout ratio is currently 37.83%.

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,333 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the transaction, the director directly owned 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Wells Fargo & Company lowered their target price on shares of Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Bank of America downgraded Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $65.00 to $50.00 in a research report on Friday, June 27th. Needham & Company LLC dropped 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. UBS Group cut their target price on Molson Coors Beverage from $59.00 to $53.00 and set a "neutral" rating for the company in a research report on Thursday, July 17th. Finally, Barclays decreased their price target on Molson Coors Beverage from $57.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 15th. Twelve analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $59.26.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.