Wedge Capital Management L L P NC Purchases 21,549 Shares of Molson Coors Beverage (NYSE:TAP)

Wedge Capital Management L L P NC increased its position in Molson Coors Beverage (NYSE:TAP - Free Report) by 4.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 543,519 shares of the company's stock after acquiring an additional 21,549 shares during the quarter. Wedge Capital Management L L P NC owned about 0.27% of Molson Coors Beverage worth $33,084,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TAP. Geode Capital Management LLC increased its stake in shares of Molson Coors Beverage by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company's stock worth $245,308,000 after purchasing an additional 54,867 shares during the period. Invesco Ltd. grew its holdings in Molson Coors Beverage by 4.2% in the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company's stock valued at $217,200,000 after buying an additional 152,622 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company's stock worth $215,146,000 after buying an additional 422,515 shares during the period. Bank of New York Mellon Corp increased its position in Molson Coors Beverage by 14.0% in the 4th quarter. Bank of New York Mellon Corp now owns 3,535,604 shares of the company's stock worth $202,661,000 after buying an additional 434,250 shares during the period. Finally, Norges Bank acquired a new position in shares of Molson Coors Beverage during the fourth quarter worth approximately $142,407,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Insider Activity

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm'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 in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is currently owned by corporate insiders.

Molson Coors Beverage Price Performance

TAP stock traded up $0.09 during trading on Monday, hitting $52.09. 2,395,488 shares of the stock traded hands, compared to its average volume of 2,128,433. The stock has a market cap of $10.53 billion, a price-to-earnings ratio of 9.74, a P/E/G ratio of 1.52 and a beta of 0.72. Molson Coors Beverage has a one year low of $49.19 and a one year high of $64.66. 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 company has a 50 day simple moving average of $56.88 and a 200 day simple moving average of $57.84.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced 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 9.34% and a net margin of 8.17%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the firm earned $0.95 earnings per share. The firm's revenue was down 11.3% compared to the same quarter last year. Equities analysts expect that Molson Coors Beverage will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders 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 dividend yield of 3.61%. The ex-dividend date of this dividend is Friday, June 6th. Molson Coors Beverage's payout ratio is presently 37.83%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TAP shares. Barclays dropped their target price on shares of 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. UBS Group decreased their target price on Molson Coors Beverage from $63.00 to $59.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a "buy" rating in a research note on Tuesday, May 20th. Needham & Company LLC cut their price target 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. Finally, Berenberg Bank started coverage on Molson Coors Beverage in a report on Wednesday, April 2nd. They set a "buy" rating and a $86.90 price objective on the stock. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Molson Coors Beverage has a consensus rating of "Hold" and a consensus 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.