Molson Coors Beverage Company (NYSE:TAP) Stake Lessened by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. decreased its holdings in shares of Molson Coors Beverage Company (NYSE:TAP) by 1.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,104 shares of the company’s stock after selling 700 shares during the period. Meridian Investment Counsel Inc.’s holdings in Molson Coors Beverage were worth $2,502,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Geode Capital Management LLC raised its holdings in Molson Coors Beverage by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 4,291,048 shares of the company’s stock valued at $245,308,000 after acquiring an additional 54,867 shares in the last quarter. Bank of New York Mellon Corp raised its position in Molson Coors Beverage by 16.8% in the first 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. Invesco Ltd. raised its holdings in shares of Molson Coors Beverage by 4.2% in the 4th quarter. Invesco Ltd. now owns 3,789,258 shares of the company’s stock worth $217,200,000 after buying an additional 152,622 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Molson Coors Beverage by 12.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,753,491 shares of the company’s stock worth $215,146,000 after buying an additional 422,515 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Molson Coors Beverage in the 4th quarter worth approximately $142,407,000. 78.46% of the stock is owned by institutional investors.

Insider Transactions at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director directly owned 27,595 shares of the company’s stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.71% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TAP. Piper Sandler dropped their price objective on Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating for the company in a research note on Monday, June 23rd. Wells Fargo & Company dropped their target price on Molson Coors Beverage from $65.00 to $58.00 and set an “overweight” rating for the company in a report on Wednesday, June 25th. Needham & Company LLC lowered their price target on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating for the company in a report on Monday, May 12th. Bank of America cut Molson Coors Beverage from a “buy” rating to a “neutral” rating and decreased their price target for the company from $65.00 to $50.00 in a research note on Friday, June 27th. Finally, UBS Group decreased their target price on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Twelve investment 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, the company has a consensus rating of “Hold” and an average target price of $60.46.

Molson Coors Beverage Stock Performance

TAP stock opened at $49.37 on Friday. The firm has a market cap of $9.98 billion, a P/E ratio of 9.93, a P/E/G ratio of 2.72 and a beta of 0.69. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66. The stock’s 50 day simple moving average is $52.78 and its 200 day simple moving average is $56.25. 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 posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the firm posted $0.95 EPS. Molson Coors Beverage’s quarterly revenue was down 11.3% on a year-over-year basis. As a group, equities research analysts predict that Molson Coors Beverage Company will post 6.35 EPS 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 dividend of $0.47 per share. The ex-dividend date was Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.81%. Molson Coors Beverage’s dividend payout ratio (DPR) is 37.83%.

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.