SummitTX Capital L.P. Increases Stock Holdings in Molson Coors Beverage Company $TAP

SummitTX Capital L.P. boosted its stake in Molson Coors Beverage Company (NYSE:TAP) by 744.7% during the first quarter, Holdings Channel.com reports. The fund owned 90,355 shares of the company’s stock after purchasing an additional 79,658 shares during the quarter. SummitTX Capital L.P.’s holdings in Molson Coors Beverage were worth $3,891,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in Molson Coors Beverage in the 4th quarter valued at about $125,755,000. Goldman Sachs Group Inc. lifted its holdings in Molson Coors Beverage by 265.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,922,022 shares of the company’s stock valued at $136,400,000 after purchasing an additional 2,122,085 shares in the last quarter. State Street Corp boosted its stake in 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 purchasing an additional 1,693,682 shares during the last quarter. Royal London Asset Management Ltd. boosted its stake in Molson Coors Beverage by 317.9% during the 2nd 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 during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Molson Coors Beverage by 152.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,531,145 shares of the company’s stock worth $118,154,000 after buying an additional 1,528,004 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,245 shares of the company’s stock in a transaction that occurred on 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.27% of the company’s stock.

Molson Coors Beverage Price Performance

TAP stock opened at $41.17 on Tuesday. Molson Coors Beverage Company has a 52-week low of $38.04 and a 52-week high of $54.82. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38. The stock has a market cap of $7.72 billion, a price-to-earnings ratio of -3.87 and a beta of 0.42. The business has a fifty day moving average of $40.25 and a two-hundred day moving average of $44.02.

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. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The company’s revenue was up 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.50 EPS. As a group, research analysts anticipate that Molson Coors Beverage Company will post 4.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TAP. Sanford C. Bernstein decreased their price target on shares of Molson Coors Beverage from $74.00 to $45.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 26th. TD Cowen upgraded shares of Molson Coors Beverage to a “hold” rating in a report on Friday, June 26th. Evercore decreased their target price on shares of Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 21st. Morgan Stanley lowered their target price on Molson Coors Beverage from $52.00 to $46.00 and set an “equal weight” rating on the stock in a report on Monday, May 4th. Finally, Barclays dropped their price target on Molson Coors Beverage from $43.00 to $41.00 and set an “underweight” rating for the company in a research report on Friday, May 1st. 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’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $44.00.

Molson Coors Beverage Profile

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.