OLD National Bancorp IN Buys New Stake in Molson Coors Beverage (NYSE:TAP)

OLD National Bancorp IN bought a new stake in shares of Molson Coors Beverage (NYSE:TAP) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,489 shares of the company’s stock, valued at approximately $212,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Financial Management Professionals Inc. raised its position in shares of Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock worth $31,000 after acquiring an additional 493 shares during the period. Truvestments Capital LLC boosted its stake in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after acquiring an additional 202 shares in the last quarter. CoreCap Advisors LLC boosted its stake 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 worth $37,000 after acquiring an additional 643 shares in the last quarter. First Financial Corp IN purchased a new stake in shares of Molson Coors Beverage during the 1st quarter worth about $37,000. Finally, Quarry LP boosted its stake in shares of Molson Coors Beverage by 55.1% during the 4th quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TAP. Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the stock a “buy” rating in a research note on Tuesday, May 20th. 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. Morgan Stanley lowered their target price 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. Berenberg Bank began coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a “buy” rating and a $86.90 target price on the stock. Finally, Needham & Company LLC lowered their target price on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $63.26.

Molson Coors Beverage Stock Up 0.2%

TAP stock opened at $52.20 on Wednesday. The company has a market cap of $10.55 billion, a price-to-earnings ratio of 9.76, a PEG ratio of 1.52 and a beta of 0.72. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $64.66. The firm has a 50-day moving average of $56.48 and a two-hundred day moving average of $57.75.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm’s revenue was down 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.95 EPS. As a group, analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a $0.47 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.60%. Molson Coors Beverage’s payout ratio is 37.83%.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director now owns 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.71% of the stock is owned by 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.