Sumitomo Mitsui DS Asset Management Company Ltd Has $1.27 Million Stake in Molson Coors Beverage Company (NYSE:TAP)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Molson Coors Beverage Company (NYSE:TAP) by 2.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,894 shares of the company’s stock after purchasing an additional 552 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Molson Coors Beverage were worth $1,272,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TAP. Norges Bank acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $142,407,000. Fairfax Financial Holdings Ltd. Can acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $68,010,000. KBC Group NV grew its stake in shares of Molson Coors Beverage by 269.1% during the first quarter. KBC Group NV now owns 1,237,539 shares of the company’s stock worth $75,329,000 after purchasing an additional 902,296 shares during the period. Estuary Capital Management LP acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $39,052,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of Molson Coors Beverage during the fourth quarter worth $29,913,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Down 0.4%

TAP stock opened at $49.37 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.89 and a quick ratio of 0.59. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 2.72 and a beta of 0.69. The business’s fifty day moving average price is $52.78 and its two-hundred day moving average price is $56.25. Molson Coors Beverage Company has a fifty-two week low of $46.94 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results 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 company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the business posted $0.95 EPS. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. On average, equities analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend was Friday, June 6th. Molson Coors Beverage’s payout ratio is currently 37.83%.

Insider Activity at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction 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 owned 27,595 shares in the company, valued at approximately $1,553,322.55. This trade represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.71% of the company’s stock.

Analyst Upgrades and Downgrades

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

Molson Coors Beverage Company 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.