Highland Capital Management LLC Acquires 53,090 Shares of Molson Coors Beverage Company (NYSE:TAP)

Highland Capital Management LLC grew its position in shares of Molson Coors Beverage Company (NYSE:TAP) by 73.8% during the 1st quarter, Holdings Channel.com reports. The firm owned 125,010 shares of the company’s stock after acquiring an additional 53,090 shares during the period. Highland Capital Management LLC’s holdings in Molson Coors Beverage were worth $7,609,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of TAP. Golden State Wealth Management LLC boosted its holdings in Molson Coors Beverage by 230.2% during the 1st quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock valued at $25,000 after acquiring an additional 290 shares during the period. Financial Management Professionals Inc. increased its position in Molson Coors Beverage by 3,286.7% during the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after buying an additional 493 shares in the last quarter. Truvestments Capital LLC increased its holdings in shares of Molson Coors Beverage by 51.4% in the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares in the last quarter. CoreCap Advisors LLC increased its holdings in shares of Molson Coors Beverage by 10,716.7% in the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after purchasing an additional 643 shares in the last quarter. Finally, First Financial Corp IN purchased a new position in shares of Molson Coors Beverage in the 1st quarter worth $37,000. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $47.48 on Friday. The business’s fifty day simple moving average is $53.69 and its 200-day simple moving average is $56.65. The company has a market cap of $9.60 billion, a PE ratio of 9.55, a PEG ratio of 1.76 and a beta of 0.72. The company has a current ratio of 0.89, a quick ratio of 0.59 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a 12-month low of $46.94 and a 12-month high of $64.66.

Molson Coors Beverage (NYSE:TAP) last released its earnings results 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 net margin of 7.74% and a return on equity of 8.59%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the company earned $0.95 earnings per share. Molson Coors Beverage’s revenue was down 11.3% on a year-over-year basis. Analysts expect that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.96%. The ex-dividend date was Friday, June 6th. Molson Coors Beverage’s dividend payout ratio is currently 37.83%.

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the sale, the director now directly owns 27,595 shares of the company’s stock, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.71% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on TAP. Morgan Stanley lowered their target price 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 reduced their price objective on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Monday, May 12th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a “buy” rating and a $86.90 target price on the stock. Piper Sandler lowered their price target on Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating for the company in a report on Monday, June 23rd. Finally, Bank of America lowered Molson Coors Beverage from a “buy” rating to a “neutral” rating and lowered their price target for the company from $65.00 to $50.00 in a report on Friday. Twelve investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.46.

About Molson Coors Beverage

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.