Bank of New York Mellon Corp Has $143.24 Million Position in Molson Coors Beverage Company $TAP

Bank of New York Mellon Corp boosted its holdings in Molson Coors Beverage Company (NYSE:TAP) by 16.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,326,427 shares of the company’s stock after acquiring an additional 469,607 shares during the period. Bank of New York Mellon Corp’s holdings in Molson Coors Beverage were worth $143,236,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TAP. Oak Thistle LLC bought a new position in Molson Coors Beverage in the 4th quarter valued at about $3,194,000. Delta Global Management LP bought a new stake in shares of Molson Coors Beverage during the fourth quarter worth approximately $2,360,000. Fairfax Financial Holdings Ltd. Can boosted its holdings in shares of Molson Coors Beverage by 3.8% during the fourth quarter. Fairfax Financial Holdings Ltd. Can now owns 1,338,500 shares of the company’s stock worth $62,495,000 after acquiring an additional 48,429 shares during the period. Jefferies Financial Group Inc. grew its position in shares of Molson Coors Beverage by 187.9% in the fourth quarter. Jefferies Financial Group Inc. now owns 43,318 shares of the company’s stock valued at $2,022,000 after purchasing an additional 28,272 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Molson Coors Beverage by 13,331.1% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 900,692 shares of the company’s stock valued at $42,044,000 after purchasing an additional 893,986 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the completion of the sale, the director directly owned 9,871 shares in the company, valued at $419,517.50. This represents a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.27% of the stock is currently owned by corporate insiders.

Molson Coors Beverage Trading Up 0.0%

Shares of Molson Coors Beverage stock opened at $40.93 on Monday. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of -3.85 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 Company has a 12-month low of $38.04 and a 12-month high of $54.82. The firm’s 50-day moving average price is $40.29 and its two-hundred day moving average price is $44.26.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Friday, May 1st. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.36 by $0.26. The company had revenue of $2.35 billion during 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 business’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.50 EPS. On average, analysts forecast that Molson Coors Beverage Company will post 4.8 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 28th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.7%. The ex-dividend date is Friday, August 28th. Molson Coors Beverage’s payout ratio is currently -18.05%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TAP. Wells Fargo & Company dropped their price target on Molson Coors Beverage from $43.00 to $41.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings reiterated a “sell (d)” rating on shares of Molson Coors Beverage in a research report on Wednesday, June 24th. TD Cowen raised Molson Coors Beverage to a “hold” rating in a report on Friday, June 26th. Finally, Morgan Stanley reduced their target price on shares of Molson Coors Beverage from $52.00 to $46.00 and set an “equal weight” rating for the company in a research report on Monday, May 4th. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.06.

Molson Coors Beverage Company 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.