Red Spruce Capital LLC Sells 1,344 Shares of Molson Coors Beverage (NYSE:TAP)

Red Spruce Capital LLC decreased its position in shares of Molson Coors Beverage (NYSE:TAP) by 5.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 25,666 shares of the company’s stock after selling 1,344 shares during the quarter. Red Spruce Capital LLC’s holdings in Molson Coors Beverage were worth $1,562,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Truvestments Capital LLC increased its position in Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after purchasing an additional 202 shares during the period. CoreCap Advisors LLC raised its stake in Molson Coors Beverage by 10,716.7% in the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after buying an additional 643 shares in the last quarter. Quarry LP lifted its holdings in Molson Coors Beverage by 55.1% during the fourth quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after buying an additional 254 shares during the period. Catalyst Capital Advisors LLC boosted its position in Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock valued at $42,000 after acquiring an additional 428 shares in the last quarter. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Molson Coors Beverage by 38.6% in the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock valued at $42,000 after acquiring an additional 203 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,333 shares of the 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 now owns 27,595 shares in the company, valued at approximately $1,553,322.55. This represents a 4.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.71% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Morgan Stanley dropped their price objective on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Barclays lowered their price target on shares of Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating on the stock in a report on Monday, May 12th. Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the company a “buy” rating in a research note on Tuesday, May 20th. Finally, JPMorgan Chase & Co. dropped their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 30th. Eleven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $63.26.

Molson Coors Beverage Price Performance

Shares of TAP opened at $53.67 on Friday. The business’s 50-day moving average is $57.83 and its two-hundred day moving average is $58.28. The company has a market capitalization of $10.85 billion, a P/E ratio of 10.03, a P/E/G ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the business earned $0.95 earnings per share. The firm’s revenue was down 11.3% on a year-over-year basis. Research analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is currently 37.83%.

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.