Charles Schwab Investment Management Inc. Acquires 20,311 Shares of Molson Coors Beverage Company (NYSE:TAP)

Charles Schwab Investment Management Inc. increased its holdings in Molson Coors Beverage Company (NYSE:TAP) by 1.2% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,704,932 shares of the company’s stock after purchasing an additional 20,311 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Molson Coors Beverage were worth $103,779,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Golden State Wealth Management LLC raised its holdings in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock worth $25,000 after purchasing an additional 290 shares during the last quarter. Millstone Evans Group LLC boosted its position in Molson Coors Beverage by 151.8% during the first quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after acquiring an additional 255 shares during the last quarter. Financial Management Professionals Inc. boosted its position in Molson Coors Beverage by 3,286.7% during the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after acquiring an additional 493 shares during the last quarter. Eastern Bank bought a new stake in Molson Coors Beverage during the first quarter valued at $33,000. Finally, First Financial Corp IN bought a new stake in Molson Coors Beverage during the first quarter valued at $37,000. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $51.03 on Wednesday. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. 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 $10.32 billion, a P/E ratio of 10.07, a P/E/G ratio of 1.83 and a beta of 0.67. The firm’s 50-day moving average price is $49.83 and its 200-day moving average price is $55.08.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The company had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same quarter in the prior year, the business posted $1.92 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage’s dividend payout ratio is currently 37.08%.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the company’s 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 sale, the director owned 27,595 shares in the company, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wall Street Zen cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Morgan Stanley cut their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Piper Sandler cut their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating on the stock in a research report on Monday, June 23rd. Barclays cut their price target on shares of Molson Coors Beverage from $53.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Finally, Sanford C. Bernstein cut their price target on shares of Molson Coors Beverage from $65.00 to $55.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 9th. Eleven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average target price of $58.12.

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.