Molson Coors Beverage Company (NYSE:TAP) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 17.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,646 shares of the company's stock after selling 10,681 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Molson Coors Beverage were worth $3,083,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TAP. Financial Management Professionals Inc. grew its holdings in shares of Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock worth $31,000 after acquiring an additional 493 shares during the period. Truvestments Capital LLC boosted its position in Molson Coors Beverage by 51.4% during the fourth quarter. Truvestments Capital LLC now owns 595 shares of the company's stock worth $34,000 after purchasing an additional 202 shares in the last quarter. CoreCap Advisors LLC grew its holdings in Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company's stock valued at $37,000 after purchasing an additional 643 shares during the last quarter. First Financial Corp IN purchased a new position in shares of Molson Coors Beverage in the first quarter valued at $37,000. Finally, Quarry LP raised its stake in shares of Molson Coors Beverage by 55.1% during the 4th quarter. Quarry LP now owns 715 shares of the company's stock worth $41,000 after buying an additional 254 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Geoffrey E. Molson sold 1,333 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director owned 27,595 shares of the company's stock, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.71% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Barclays lowered their price objective on shares of Molson Coors Beverage from $60.00 to $57.00 and set an "equal weight" rating on the stock in a research note on Monday, May 12th. Berenberg Bank began coverage on shares of Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a "buy" rating and a $86.90 price target on the stock. Roth Capital set a $71.00 price objective on shares of Molson Coors Beverage and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Needham & Company LLC cut their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Finally, Bank of America lowered Molson Coors Beverage from a "buy" rating to a "neutral" rating and reduced their target price for the company from $65.00 to $50.00 in a research note on Friday. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $60.46.

Molson Coors Beverage Stock Up 2.1%

NYSE:TAP traded up $0.99 on Tuesday, reaching $49.08. The stock had a trading volume of 3,076,592 shares, compared to its average volume of 2,141,109. The company has a 50-day moving average of $53.30 and a 200 day moving average of $56.45. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The stock has a market cap of $9.92 billion, a P/E ratio of 9.88, a price-to-earnings-growth ratio of 2.63 and a beta of 0.69. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-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 firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Molson Coors Beverage's revenue was down 11.3% compared to the same quarter last year. On average, research analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed 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. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.83%. Molson Coors Beverage's dividend payout ratio (DPR) is 37.83%.

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.