Wilsey Asset Management Inc. Raises Stock Holdings in Molson Coors Beverage Company $TAP

Wilsey Asset Management Inc. boosted its position in Molson Coors Beverage Company (NYSE:TAP) by 8.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 675,726 shares of the company’s stock after purchasing an additional 55,465 shares during the quarter. Molson Coors Beverage makes up 4.6% of Wilsey Asset Management Inc.’s portfolio, making the stock its 17th biggest position. Wilsey Asset Management Inc.’s holdings in Molson Coors Beverage were worth $29,097,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in TAP. Caxton Associates LLP purchased a new position in Molson Coors Beverage during the 1st quarter valued at about $202,000. United Services Automobile Association bought a new position in shares of Molson Coors Beverage during the first quarter valued at approximately $215,000. Woodline Partners LP lifted its holdings in shares of Molson Coors Beverage by 38.7% during the first quarter. Woodline Partners LP now owns 14,546 shares of the company’s stock valued at $885,000 after purchasing an additional 4,056 shares during the last quarter. Geneos Wealth Management Inc. boosted its position in shares of Molson Coors Beverage by 32.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock worth $49,000 after purchasing an additional 198 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Molson Coors Beverage by 4.7% in the 2nd quarter. First Trust Advisors LP now owns 413,578 shares of the company’s stock worth $19,889,000 after purchasing an additional 18,566 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP opened at $39.76 on Monday. Molson Coors Beverage Company has a twelve month low of $38.04 and a twelve month high of $54.82. The company has a market capitalization of $7.46 billion, a P/E ratio of -3.74 and a beta of 0.42. The firm has a 50 day moving average of $40.90 and a 200 day moving average of $44.78. The company has a quick ratio of 0.38, a current ratio of 0.54 and a debt-to-equity ratio of 0.38.

Molson Coors Beverage (NYSE:TAP) last released 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 positive return on equity of 9.79% and a negative net margin of 16.14%.The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the prior year, the firm posted $0.50 EPS. The firm’s quarterly revenue was up 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that Molson Coors Beverage Company will post 4.8 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 29th were issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend was Friday, May 29th. Molson Coors Beverage’s dividend payout ratio is presently -18.05%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. UBS Group reduced their price objective on Molson Coors Beverage from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. Wells Fargo & Company dropped their target price on Molson Coors Beverage from $45.00 to $43.00 and set an “equal weight” rating on the stock in a report on Monday, May 18th. Jefferies Financial Group cut their target price on Molson Coors Beverage from $43.00 to $41.00 in a research note on Friday, June 12th. The Goldman Sachs Group raised their price target on Molson Coors Beverage from $48.00 to $50.00 in a report on Friday, May 1st. Finally, Evercore lowered their price target on Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. Four equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $44.88.

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the sale, the director directly owned 9,871 shares of the company’s stock, valued at $419,517.50. This trade represents a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.27% of the stock is currently owned by insiders.

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.