Highland Capital Management LLC Buys 710 Shares of Molson Coors Beverage (NYSE:TAP)

Highland Capital Management LLC increased its stake in shares of Molson Coors Beverage (NYSE:TAP) by 0.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 96,860 shares of the company’s stock after acquiring an additional 710 shares during the quarter. Highland Capital Management LLC’s holdings in Molson Coors Beverage were worth $5,929,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. grew its stake in Molson Coors Beverage by 25.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 23,269 shares of the company’s stock valued at $1,242,000 after purchasing an additional 4,792 shares during the period. American Century Companies Inc. grew its stake in Molson Coors Beverage by 17.1% in the 1st quarter. American Century Companies Inc. now owns 18,462 shares of the company’s stock valued at $985,000 after purchasing an additional 2,700 shares during the period. US Bancorp DE grew its stake in Molson Coors Beverage by 45.7% in the 1st quarter. US Bancorp DE now owns 3,834 shares of the company’s stock valued at $205,000 after purchasing an additional 1,203 shares during the period. PNC Financial Services Group Inc. grew its stake in Molson Coors Beverage by 4.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,654 shares of the company’s stock valued at $889,000 after purchasing an additional 720 shares during the period. Finally, Natixis Advisors L.P. grew its stake in Molson Coors Beverage by 26.3% in the 1st quarter. Natixis Advisors L.P. now owns 14,411 shares of the company’s stock valued at $769,000 after purchasing an additional 3,001 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $67.34 on Thursday. The business’s 50-day moving average price is $63.48 and its two-hundred day moving average price is $61.89. Molson Coors Beverage has a twelve month low of $51.08 and a twelve month high of $70.90. The stock has a market cap of $14.53 billion, a P/E ratio of 15.44, a PEG ratio of 2.36 and a beta of 0.83. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter last year, the firm posted $1.30 EPS. The company’s revenue was up 6.1% compared to the same quarter last year. As a group, equities analysts predict that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a $0.44 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.76 annualized dividend and a dividend yield of 2.61%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 40.37%.

Analyst Ratings Changes

A number of research analysts have issued reports on TAP shares. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. Piper Sandler began coverage on Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price target for the company. HSBC began coverage on Molson Coors Beverage in a research note on Thursday, November 30th. They set a “hold” rating and a $68.00 price target for the company. Barclays increased their price target on Molson Coors Beverage from $64.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 15th. Finally, StockNews.com downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Monday, March 11th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $67.67.

Insider Buying and Selling at Molson Coors Beverage

In other Molson Coors Beverage news, CFO Tracey Joubert sold 2,771 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now owns 60,538 shares of the company’s stock, valued at approximately $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.41% of the company’s stock.

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.