Versant Capital Management Inc Boosts Stake in Molson Coors Beverage (NYSE:TAP)

Versant Capital Management Inc increased its position in Molson Coors Beverage (NYSE:TAP) by 1,002.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,523 shares of the company’s stock after buying an additional 5,022 shares during the period. Versant Capital Management Inc’s holdings in Molson Coors Beverage were worth $336,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Randolph Co Inc lifted its position in shares of Molson Coors Beverage by 26.2% in the fourth quarter. Randolph Co Inc now owns 477,187 shares of the company’s stock worth $27,352,000 after buying an additional 98,984 shares in the last quarter. HighTower Advisors LLC raised its position in Molson Coors Beverage by 123.3% during the fourth quarter. HighTower Advisors LLC now owns 18,258 shares of the company’s stock valued at $1,047,000 after purchasing an additional 10,080 shares during the period. US Bancorp DE raised its position in Molson Coors Beverage by 103.9% during the fourth quarter. US Bancorp DE now owns 19,285 shares of the company’s stock valued at $1,106,000 after purchasing an additional 9,825 shares during the period. Unified Investment Management purchased a new stake in Molson Coors Beverage during the fourth quarter valued at approximately $871,000. Finally, Wilsey Asset Management Inc. raised its position in Molson Coors Beverage by 1.6% during the fourth quarter. Wilsey Asset Management Inc. now owns 550,539 shares of the company’s stock valued at $31,557,000 after purchasing an additional 8,679 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related 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 value of $75,034.57. Following the transaction, the director now owns 27,595 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TAP shares. Roth Capital set a $71.00 price objective on Molson Coors Beverage and gave the company a “buy” rating in a research report on Tuesday, May 20th. Needham & Company LLC decreased their price objective on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Wall Street Zen downgraded Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, May 17th. UBS Group decreased their price objective on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Finally, Citigroup upgraded Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their price objective for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $63.26.

Molson Coors Beverage Trading Down 0.3%

TAP opened at $53.55 on Friday. Molson Coors Beverage has a one year low of $49.19 and a one year high of $64.66. The stock has a market cap of $10.83 billion, a price-to-earnings ratio of 10.01, a P/E/G ratio of 1.52 and a beta of 0.73. The stock’s 50 day moving average price is $57.72 and its 200-day moving average price is $58.18. 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 announced 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 9.34% and a net margin of 8.17%. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned $0.95 EPS. The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. On average, equities analysts forecast that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.51%. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 37.83%.

Molson Coors Beverage 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.