Molson Coors Beverage (NYSE:TAP) Shares Sold by Alpha Omega Wealth Management LLC

Alpha Omega Wealth Management LLC trimmed its position in shares of Molson Coors Beverage (NYSE:TAP) by 0.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 63,961 shares of the company’s stock after selling 393 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Molson Coors Beverage were worth $3,915,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in Molson Coors Beverage by 9,466.3% in the fourth quarter. Pacer Advisors Inc. now owns 2,143,619 shares of the company’s stock valued at $131,211,000 after acquiring an additional 2,121,211 shares in the last quarter. Norges Bank acquired a new position in Molson Coors Beverage during the 4th quarter valued at approximately $83,092,000. AQR Capital Management LLC grew its position in shares of Molson Coors Beverage by 76.0% during the third quarter. AQR Capital Management LLC now owns 3,475,114 shares of the company’s stock worth $218,168,000 after acquiring an additional 1,500,269 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Molson Coors Beverage by 6.1% in the first quarter. Vanguard Group Inc. now owns 21,329,879 shares of the company’s stock valued at $1,138,589,000 after purchasing an additional 1,235,013 shares during the period. Finally, Morgan Stanley boosted its position in shares of Molson Coors Beverage by 40.2% during the third quarter. Morgan Stanley now owns 3,446,989 shares of the company’s stock worth $219,194,000 after buying an additional 988,864 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insider Buying and Selling

In related news, CFO Tracey Joubert sold 2,771 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the completion of the sale, the chief financial officer now directly owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.71% of the company’s stock.

Molson Coors Beverage Stock Down 2.3 %

Shares of NYSE TAP traded down $1.51 during trading hours on Wednesday, hitting $63.26. The stock had a trading volume of 2,190,414 shares, compared to its average volume of 1,416,033. The company has a market capitalization of $13.65 billion, a P/E ratio of 14.51, a P/E/G ratio of 2.26 and a beta of 0.84. The firm’s 50-day moving average price is $64.75 and its two-hundred day moving average price is $62.20. Molson Coors Beverage has a 52 week low of $55.67 and a 52 week high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, beating the consensus estimate of $1.12 by $0.07. The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.30 EPS. Analysts anticipate that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were issued a $0.44 dividend. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Thursday, February 29th. Molson Coors Beverage’s payout ratio is 40.37%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TAP shares. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They set a “neutral” rating and a $69.00 price objective on the stock. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Friday, April 12th. Citigroup upped their target price on Molson Coors Beverage from $63.00 to $66.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price target for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $68.27.

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.