M&T Bank Corp Sells 1,474 Shares of Molson Coors Beverage Company (NYSE:TAP)

M&T Bank Corp lessened its holdings in Molson Coors Beverage Company (NYSE:TAP) by 10.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,564 shares of the company’s stock after selling 1,474 shares during the period. M&T Bank Corp’s holdings in Molson Coors Beverage were worth $765,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TAP. Proficio Capital Partners LLC bought a new position in Molson Coors Beverage in the fourth quarter valued at about $1,991,000. HighTower Advisors LLC grew its position in Molson Coors Beverage by 123.3% in the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock valued at $1,047,000 after acquiring an additional 10,080 shares during the last quarter. Sequoia Financial Advisors LLC bought a new position in Molson Coors Beverage in the fourth quarter valued at about $227,000. EverSource Wealth Advisors LLC grew its position in Molson Coors Beverage by 101.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 973 shares of the company’s stock valued at $56,000 after acquiring an additional 489 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its position in Molson Coors Beverage by 39.2% in the fourth quarter. Farther Finance Advisors LLC now owns 2,394 shares of the company’s stock valued at $137,000 after acquiring an additional 674 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the transaction, the director directly owned 27,595 shares of the company’s stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.71% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP opened at $49.47 on Tuesday. Molson Coors Beverage Company has a 52-week low of $46.94 and a 52-week high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89. The business’s 50 day moving average price is $52.02 and its two-hundred day moving average price is $55.91. The firm has a market cap of $10.00 billion, a PE ratio of 9.95, a price-to-earnings-growth ratio of 2.77 and a beta of 0.69.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm posted $0.95 earnings per share. Molson Coors Beverage’s quarterly revenue was down 11.3% compared to the same quarter last year. On average, equities analysts anticipate that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 37.83%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TAP shares. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the stock a “buy” rating in a report on Tuesday, May 20th. UBS Group reduced their price target on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a report on Friday, May 9th. Sanford C. Bernstein reduced their price target on Molson Coors Beverage from $65.00 to $55.00 and set a “market perform” rating on the stock in a report on Wednesday, July 9th. Wall Street Zen cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Saturday, May 17th. Finally, Barclays reduced their price target on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating on the stock in a report on Monday, May 12th. Thirteen research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $60.12.

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.