Gabelli Funds LLC Increases Stock Position in Molson Coors Beverage Company $TAP

Gabelli Funds LLC boosted its stake in Molson Coors Beverage Company (NYSE:TAP) by 7.7% in the 1st quarter, Holdings Channel reports. The firm owned 221,584 shares of the company’s stock after purchasing an additional 15,783 shares during the period. Gabelli Funds LLC’s holdings in Molson Coors Beverage were worth $9,541,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Molson Coors Beverage in the fourth quarter valued at approximately $125,755,000. Goldman Sachs Group Inc. increased its holdings in Molson Coors Beverage by 265.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,922,022 shares of the company’s stock valued at $136,400,000 after buying an additional 2,122,085 shares during the last quarter. State Street Corp raised its position in shares of Molson Coors Beverage by 19.2% during the 3rd quarter. State Street Corp now owns 10,516,810 shares of the company’s stock worth $475,886,000 after acquiring an additional 1,693,682 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in Molson Coors Beverage by 317.9% during the second quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company’s stock worth $98,297,000 after purchasing an additional 1,554,851 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in Molson Coors Beverage by 152.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,531,145 shares of the company’s stock worth $118,154,000 after acquiring an additional 1,528,004 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $40.98 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The business’s fifty day moving average price is $40.26 and its two-hundred day moving average price is $44.06. The stock has a market cap of $7.69 billion, a PE ratio of -3.85 and a beta of 0.42. Molson Coors Beverage Company has a one year low of $38.04 and a one year high of $54.82.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.26. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. On average, analysts forecast that Molson Coors Beverage Company will post 4.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 28th will be paid a $0.48 dividend. The ex-dividend date of this dividend is Friday, August 28th. This represents a $1.92 annualized dividend and a yield of 4.7%. Molson Coors Beverage’s payout ratio is presently -18.05%.

Analysts Set New Price Targets

TAP has been the subject of a number of research reports. Evercore reduced their price objective on Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a research note on Tuesday, April 21st. Jefferies Financial Group reduced their price objective on shares of Molson Coors Beverage from $43.00 to $41.00 in a research report on Friday, June 12th. Sanford C. Bernstein reduced their target price on Molson Coors Beverage from $74.00 to $45.00 and set a “market perform” rating for the company in a report on Tuesday, May 26th. Citigroup reduced their price target on shares of Molson Coors Beverage from $47.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, July 14th. Finally, Zacks Research raised Molson Coors Beverage from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and an average price target of $44.00.

Insider Transactions at Molson Coors Beverage

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the transaction, the director directly owned 9,871 shares in the company, valued at approximately $419,517.50. This represents a 11.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.27% of the company’s stock.

About Molson Coors Beverage

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.