Alps Advisors Inc. Purchases New Shares in Molson Coors Beverage Company (NYSE:TAP)

Alps Advisors Inc. purchased a new stake in Molson Coors Beverage Company (NYSE:TAP) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,050 shares of the company’s stock, valued at approximately $368,000.

A number of other institutional investors have also recently bought and sold shares of TAP. Norges Bank acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $142,407,000. Fairfax Financial Holdings Ltd. Can acquired a new stake in Molson Coors Beverage during the 4th quarter worth about $68,010,000. KBC Group NV raised its stake in shares of Molson Coors Beverage by 269.1% during the 1st 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 in the last quarter. Estuary Capital Management LP purchased a new stake in shares of Molson Coors Beverage during the 4th quarter worth about $39,052,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Molson Coors Beverage by 16.8% during the 1st quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company’s stock worth $251,442,000 after purchasing an additional 595,203 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $49.05 on Wednesday. Molson Coors Beverage Company has a 1-year low of $46.94 and a 1-year high of $64.66. The firm has a market capitalization of $9.92 billion, a PE ratio of 9.87, a PEG ratio of 2.74 and a beta of 0.69. The business’s 50 day moving average is $51.70 and its 200-day moving average is $55.81. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). The company 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 7.74% and a return on equity of 8.59%. Molson Coors Beverage’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.95 EPS. Sell-side analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.83%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 37.83%.

Insider Transactions at Molson Coors Beverage

In related 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 value of $75,034.57. Following the completion of the transaction, the director directly owned 27,595 shares of the company’s stock, valued at $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 2.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Sanford C. Bernstein cut their price target on Molson Coors Beverage from $65.00 to $55.00 and set a “market perform” rating for the company in a research note on Wednesday, July 9th. Bank of America downgraded Molson Coors Beverage from a “buy” rating to a “neutral” rating and cut their price target for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Berenberg Bank started coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price objective on the stock. Finally, Needham & Company LLC cut their price objective on 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. Thirteen research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $59.49.

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.