Wilsey Asset Management Inc. Grows Stock Position in Molson Coors Beverage Company $TAP

Key Points

• Wilsey Asset Management increased its Molson Coors stake by 8.9% in Q1, buying 55,465 additional shares and bringing its holdings to 675,726 shares worth about $29.1 million.
• Molson Coors reported better-than-expected quarterly results, with earnings per share of $0.62 versus the $0.36 estimate and revenue of $2.35 billion, while revenue also rose 2% year over year.
• The company recently paid a quarterly dividend of $0.48 per share, equal to an annualized yield of 4.8%, even as analysts currently rate the stock a cautious Hold overall.

Wilsey Asset Management Inc. increased its stake in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 8.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 675,726 shares of the company's stock after acquiring an additional 55,465 shares during the period. Molson Coors Beverage comprises about 4.6% of Wilsey Asset Management Inc.'s holdings, making the stock its 17th largest holding. Wilsey Asset Management Inc. owned approximately 0.36% of Molson Coors Beverage worth $29,097,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of TAP. GoalVest Advisory LLC purchased a new position in Molson Coors Beverage in the 4th quarter worth approximately $25,000. SBI Securities Co. Ltd. boosted its stake in shares of Molson Coors Beverage by 84.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 534 shares of the company's stock valued at $25,000 after purchasing an additional 244 shares during the period. Basepoint Wealth LLC purchased a new stake in shares of Molson Coors Beverage during the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC grew its holdings in shares of Molson Coors Beverage by 64.2% in the second quarter. Smartleaf Asset Management LLC now owns 565 shares of the company's stock worth $27,000 after purchasing an additional 221 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of Molson Coors Beverage by 551.1% in the fourth quarter. Larson Financial Group LLC now owns 612 shares of the company's stock worth $29,000 after purchasing an additional 518 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,245 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $42.50, for a total transaction of $52,912.50. Following the transaction, the director owned 9,871 shares in the company, valued at $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.27% of the stock is owned by corporate insiders.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $39.76 on Monday. The business has a 50 day moving average of $40.90 and a 200 day moving average of $44.78. Molson Coors Beverage Company has a 52 week low of $38.04 and a 52 week high of $54.82. The company has a market cap of $7.46 billion, a PE ratio of -3.74 and a beta of 0.42. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.26. The business had revenue of $2.35 billion for the quarter, compared to analysts' expectations of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The firm's revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 earnings per share. As a group, equities research analysts forecast that Molson Coors Beverage Company will post 4.8 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were paid a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, May 29th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.8%. Molson Coors Beverage's payout ratio is presently -18.05%.

Analyst Upgrades and Downgrades

TAP has been the topic of several analyst reports. TD Cowen raised shares of Molson Coors Beverage to a "hold" rating in a research note on Friday, June 26th. Barclays cut their price target on shares of Molson Coors Beverage from $43.00 to $41.00 and set an "underweight" rating on the stock in a report on Friday, May 1st. Morgan Stanley decreased their price objective on shares of Molson Coors Beverage from $52.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Monday, May 4th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Molson Coors Beverage in a research note on Wednesday, June 24th. Finally, Evercore lowered their price objective on shares of Molson Coors Beverage from $50.00 to $47.00 and set an "outperform" rating for the company in a research note on Tuesday, April 21st. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $44.88.

Molson Coors Beverage Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada's Molson and the United States' Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.

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