Molson Coors Beverage Company (NYSE:TAP) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. cut its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 16.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,014 shares of the company’s stock after selling 2,414 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Molson Coors Beverage were worth $731,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Randolph Co Inc grew its stake in shares of Molson Coors Beverage by 26.2% during the 4th quarter. Randolph Co Inc now owns 477,187 shares of the company’s stock valued at $27,352,000 after buying an additional 98,984 shares during the period. HighTower Advisors LLC boosted its position in Molson Coors Beverage by 123.3% in the 4th quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock valued at $1,047,000 after buying an additional 10,080 shares during the last quarter. US Bancorp DE lifted its position in shares of Molson Coors Beverage by 103.9% during the fourth quarter. US Bancorp DE now owns 19,285 shares of the company’s stock worth $1,106,000 after purchasing an additional 9,825 shares during the last quarter. Unified Investment Management bought a new position in shares of Molson Coors Beverage during the fourth quarter worth about $871,000. Finally, Estuary Capital Management LP bought a new position in shares of Molson Coors Beverage during the fourth quarter worth about $39,052,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Down 2.0%

Shares of NYSE:TAP opened at $47.27 on Thursday. The firm has a fifty day moving average of $54.14 and a two-hundred day moving average of $56.85. The firm has a market capitalization of $9.56 billion, a P/E ratio of 9.51, a price-to-earnings-growth ratio of 1.80 and a beta of 0.72. Molson Coors Beverage Company has a 12-month low of $47.05 and a 12-month high of $64.66. 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 (NYSE:TAP) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.95 EPS. On average, equities analysts expect that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a $0.47 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.98%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 37.83%.

Analysts Set New Price Targets

Several research firms recently weighed in on TAP. Wall Street Zen lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Saturday, May 17th. Berenberg Bank started coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a “buy” rating and a $86.90 price objective on the stock. Morgan Stanley lowered their price objective on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, May 9th. UBS Group reduced their target price on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a report on Friday, May 9th. Finally, Needham & Company LLC reduced their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a report on Monday, May 12th. Eleven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average target price of $61.79.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the sale, the director now directly owns 27,595 shares in the company, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 2.71% of the company’s stock.

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.