Molson Coors Beverage Company (NYSE:TAP) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its stake in Molson Coors Beverage Company (NYSE:TAP) by 16.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,030 shares of the company’s stock after acquiring an additional 52,971 shares during the period. Envestnet Asset Management Inc. owned 0.18% of Molson Coors Beverage worth $22,402,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC grew its position in Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock worth $25,000 after buying an additional 290 shares during the last quarter. Financial Management Professionals Inc. raised its holdings in shares of Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after purchasing an additional 493 shares in the last quarter. First Financial Corp IN bought a new position in shares of Molson Coors Beverage during the 1st quarter valued at $37,000. CoreCap Advisors LLC raised its holdings in shares of Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock valued at $37,000 after purchasing an additional 643 shares in the last quarter. Finally, Quarry LP raised its holdings in Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TAP has been the topic of several analyst reports. Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Saturday, May 17th. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the stock a “buy” rating in a report on Tuesday, May 20th. Bank of America downgraded Molson Coors Beverage from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $65.00 to $50.00 in a report on Friday, June 27th. Citigroup reduced their price objective on Molson Coors Beverage from $56.00 to $51.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Sanford C. Bernstein reduced their price objective 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. Thirteen equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average target price of $59.49.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $49.05 on Wednesday. Molson Coors Beverage Company has a 52-week low of $46.94 and a 52-week high of $64.66. The stock has a market capitalization of $9.92 billion, a price-to-earnings ratio of 9.87, a price-to-earnings-growth ratio of 2.74 and a beta of 0.69. The company has a fifty day moving average of $51.70 and a 200-day moving average of $55.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.59 and a current ratio of 0.89.

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 analysts’ consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Molson Coors Beverage had a net margin of 7.74% and a return on equity of 8.59%. The company’s revenue was down 11.3% on a year-over-year basis. During the same period last year, the business earned $0.95 earnings per share. Equities research analysts expect that Molson Coors Beverage Company will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.83%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is currently 37.83%.

Insiders Place Their Bets

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company’s stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director owned 27,595 shares of the company’s stock, valued at $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.71% of the stock is owned by corporate insiders.

Molson Coors Beverage Profile

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.