Molson Coors Beverage Company $TAP Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its holdings in Molson Coors Beverage Company (NYSE:TAP) by 23.1% in the 4th quarter, Holdings Channel reports. The institutional investor owned 2,856,820 shares of the company’s stock after selling 855,776 shares during the period. Bank of New York Mellon Corp’s holdings in Molson Coors Beverage were worth $133,356,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. grew its holdings in Molson Coors Beverage by 32.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock valued at $49,000 after buying an additional 198 shares during the period. New York Life Investment Management LLC grew its holdings in Molson Coors Beverage by 0.9% in the 4th quarter. New York Life Investment Management LLC now owns 22,904 shares of the company’s stock valued at $1,069,000 after buying an additional 210 shares during the period. Smartleaf Asset Management LLC grew its holdings in Molson Coors Beverage by 64.2% in the 2nd quarter. Smartleaf Asset Management LLC now owns 565 shares of the company’s stock valued at $27,000 after buying an additional 221 shares during the period. SBI Securities Co. Ltd. grew its holdings in Molson Coors Beverage by 84.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 534 shares of the company’s stock valued at $25,000 after buying an additional 244 shares during the period. Finally, Hilltop Holdings Inc. grew its holdings in Molson Coors Beverage by 4.2% in the 3rd quarter. Hilltop Holdings Inc. now owns 6,717 shares of the company’s stock valued at $304,000 after buying an additional 270 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Up 1.8%

NYSE TAP opened at $39.10 on Friday. The stock has a market cap of $7.33 billion, a PE ratio of -3.68 and a beta of 0.41. Molson Coors Beverage Company has a fifty-two week low of $38.04 and a fifty-two week high of $54.82. The business has a 50 day moving average price of $42.41 and a two-hundred day moving average price of $45.67. 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) last released its quarterly earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.26. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.Molson Coors Beverage’s quarterly revenue was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 EPS. As a group, sell-side analysts predict that Molson Coors Beverage Company will post 4.74 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 12th. Shareholders of record on Friday, May 29th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, May 29th. Molson Coors Beverage’s dividend payout ratio is presently -18.05%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TAP. UBS Group decreased their target price on Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Wall Street Zen cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. The Goldman Sachs Group boosted their target price on Molson Coors Beverage from $48.00 to $50.00 in a report on Friday, May 1st. Evercore decreased their target price on Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a report on Tuesday, April 21st. Finally, Bank of America cut Molson Coors Beverage from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $50.00 to $42.00 in a report on Wednesday, February 25th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $45.00.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Andrew Thomas Molson bought 2,000 shares of the business’s stock in a transaction on Monday, March 9th. The shares were bought at an average cost of $46.67 per share, with a total value of $93,340.00. Following the transaction, the director directly owned 24,654 shares in the company, valued at approximately $1,150,602.18. This trade represents a 8.83% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the transaction, the director directly owned 9,871 shares in the company, valued at approximately $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.27% of the company’s stock.

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.