Wallace Capital Management Inc. Buys 167,178 Shares of Molson Coors Beverage (NYSE:TAP)

Wallace Capital Management Inc. grew its holdings in Molson Coors Beverage (NYSE:TAP - Free Report) by 306.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 221,718 shares of the company's stock after purchasing an additional 167,178 shares during the period. Molson Coors Beverage makes up about 1.7% of Wallace Capital Management Inc.'s portfolio, making the stock its 13th biggest position. Wallace Capital Management Inc. owned about 0.11% of Molson Coors Beverage worth $12,709,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. DoubleLine ETF Adviser LP increased its stake in shares of Molson Coors Beverage by 1.7% in the 4th quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company's stock valued at $590,000 after purchasing an additional 170 shares during the last quarter. Venturi Wealth Management LLC increased its stake in shares of Molson Coors Beverage by 7.4% in the 4th quarter. Venturi Wealth Management LLC now owns 2,935 shares of the company's stock valued at $168,000 after purchasing an additional 202 shares during the last quarter. Truvestments Capital LLC increased its stake in shares of Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company's stock valued at $34,000 after purchasing an additional 202 shares during the last quarter. SRS Capital Advisors Inc. increased its stake in shares of Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company's stock valued at $42,000 after purchasing an additional 203 shares during the last quarter. Finally, ProShare Advisors LLC grew its position in Molson Coors Beverage by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company's stock worth $2,809,000 after acquiring an additional 206 shares during the last quarter. Institutional investors own 78.46% of the company's stock.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction 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 completion of the transaction, the director now directly owns 27,595 shares of the company's stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Stock Performance

Shares of TAP traded down $0.27 on Friday, reaching $54.04. 2,179,244 shares of the company's stock traded hands, compared to its average volume of 2,141,163. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.93 billion, a PE ratio of 10.10, a PEG ratio of 1.52 and a beta of 0.73. The stock's 50 day simple moving average is $58.24 and its two-hundred day simple moving average is $58.42. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly 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). Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The business had revenue of $2.30 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the business posted $0.95 earnings per share. The business's revenue was down 11.3% compared to the same quarter last year. On average, analysts forecast that Molson Coors Beverage 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. Shareholders of record on Friday, June 6th will be issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's dividend payout ratio (DPR) is 37.83%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the stock a "buy" rating in a research report on Tuesday. JPMorgan Chase & Co. cut their target price on Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a research report on Thursday, January 30th. Morgan Stanley cut their target price on Molson Coors Beverage from $63.00 to $58.00 and set an "equal weight" rating on the stock in a research 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. Finally, Needham & Company LLC cut their price target on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating on the stock in a 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 company. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of "Hold" and an average price target 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.