Molson Coors Beverage Company (NYSE:TAP) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its position in shares of Molson Coors Beverage Company (NYSE:TAP) by 2.4% during the first quarter, Holdings Channel.com reports. The fund owned 352,343 shares of the company’s stock after acquiring an additional 8,211 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Molson Coors Beverage were worth $21,447,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Randolph Co Inc grew its holdings in Molson Coors Beverage by 26.2% during the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company’s stock worth $27,352,000 after acquiring an additional 98,984 shares during the period. HighTower Advisors LLC grew its holdings in Molson Coors Beverage by 123.3% during the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock worth $1,047,000 after acquiring an additional 10,080 shares during the period. US Bancorp DE grew its holdings in Molson Coors Beverage by 103.9% during the fourth quarter. US Bancorp DE now owns 19,285 shares of the company’s stock worth $1,106,000 after acquiring an additional 9,825 shares during the period. Estuary Capital Management LP acquired a new position in Molson Coors Beverage during the fourth quarter worth about $39,052,000. Finally, Alpha Omega Wealth Management LLC grew its holdings in Molson Coors Beverage by 15.9% during the first quarter. Alpha Omega Wealth Management LLC now owns 82,002 shares of the company’s stock worth $4,991,000 after acquiring an additional 11,253 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TAP shares. Needham & Company LLC lowered their target price on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Berenberg Bank began coverage on Molson Coors Beverage in a research report on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price target for the company. Barclays decreased their price target on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating for the company in a research report on Monday, May 12th. Morgan Stanley decreased their price target on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a research report on Friday, May 9th. Finally, UBS Group decreased their price target on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research report on Friday, May 9th. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $60.46.

Molson Coors Beverage Trading Down 0.4%

Shares of NYSE TAP opened at $49.37 on Friday. Molson Coors Beverage Company has a one year low of $46.94 and a one year high of $64.66. The firm has a market capitalization of $9.98 billion, a PE ratio of 9.93, a PEG ratio of 2.72 and a beta of 0.69. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. The business has a 50-day moving average price of $52.93 and a two-hundred day moving average price of $56.33.

Molson Coors Beverage (NYSE:TAP) last announced 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). Molson Coors Beverage had a return on equity of 8.59% and a net margin of 7.74%. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the business posted $0.95 earnings per share. The company’s revenue was down 11.3% compared to the same quarter last year. As a group, analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.47 per share. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a dividend yield of 3.81%. Molson Coors Beverage’s dividend payout ratio is 37.83%.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,333 shares of Molson Coors Beverage stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the sale, the director directly owned 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.71% of the stock is currently owned by corporate insiders.

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.