2,693,990 Shares in Molson Coors Beverage Company $TAP Purchased by Norges Bank

Norges Bank bought a new position in shares of Molson Coors Beverage Company (NYSE:TAP) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,693,990 shares of the company’s stock, valued at approximately $125,755,000. Norges Bank owned 1.36% of Molson Coors Beverage at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Skylands Capital LLC boosted its position in Molson Coors Beverage by 63.9% during the third quarter. Skylands Capital LLC now owns 180,650 shares of the company’s stock worth $8,174,000 after purchasing an additional 70,440 shares in the last quarter. Fairfax Financial Holdings Ltd. Can increased its position in shares of Molson Coors Beverage by 5.9% in the third quarter. Fairfax Financial Holdings Ltd. Can now owns 1,290,071 shares of the company’s stock valued at $58,363,000 after buying an additional 71,571 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Molson Coors Beverage during the 3rd quarter worth $8,365,000. Citigroup Inc. raised its stake in shares of Molson Coors Beverage by 148.5% during the 3rd quarter. Citigroup Inc. now owns 1,364,241 shares of the company’s stock worth $61,732,000 after buying an additional 815,348 shares during the last quarter. Finally, Alps Advisors Inc. boosted its position in shares of Molson Coors Beverage by 1,879.2% in the 3rd quarter. Alps Advisors Inc. now owns 121,204 shares of the company’s stock worth $5,484,000 after buying an additional 115,080 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Stock Performance

Shares of NYSE TAP opened at $38.44 on Friday. The company has a market cap of $7.21 billion, a PE ratio of -3.61 and a beta of 0.41. Molson Coors Beverage Company has a 12 month low of $38.04 and a 12 month high of $54.82. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.54 and a quick ratio of 0.38. The company has a 50-day simple moving average of $42.45 and a 200-day simple moving average of $45.71.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the prior year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, equities analysts anticipate that Molson Coors Beverage Company will post 4.74 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 29th will be paid a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Friday, May 29th. Molson Coors Beverage’s dividend payout ratio is currently -18.05%.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of research reports. Needham & Company LLC lowered their price objective on shares of Molson Coors Beverage from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Roth Mkm set a $58.00 price target on shares of Molson Coors Beverage in a report on Thursday, February 19th. Piper Sandler lowered their price target on shares of Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Thursday, February 19th. Weiss Ratings reissued a “sell (d)” rating on shares of Molson Coors Beverage in a research note on Friday, March 27th. Finally, Morgan Stanley reduced their target price on Molson Coors Beverage from $52.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Monday, May 4th. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $45.00.

Insiders Place Their Bets

In other news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the completion of the sale, the director owned 9,871 shares of the company’s stock, valued at $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew Thomas Molson bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was acquired at an average price of $46.67 per share, with a total value of $93,340.00. Following the completion of the purchase, the director directly owned 24,654 shares of the company’s stock, valued at approximately $1,150,602.18. The trade was a 8.83% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate 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.