City Center Advisors LLC Sells 994 Shares of Molson Coors Beverage (NYSE:TAP)

City Center Advisors LLC cut its stake in shares of Molson Coors Beverage (NYSE:TAP) by 16.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,201 shares of the company’s stock after selling 994 shares during the quarter. City Center Advisors LLC’s holdings in Molson Coors Beverage were worth $317,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Financial Management Professionals Inc. boosted its stake in Molson Coors Beverage by 3,286.7% in the 1st quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock worth $31,000 after purchasing an additional 493 shares during the period. Truvestments Capital LLC boosted its stake in 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 during the period. CoreCap Advisors LLC boosted its stake in 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 during the period. First Financial Corp IN bought a new position in Molson Coors Beverage in the 1st quarter worth approximately $37,000. Finally, Quarry LP boosted its stake in Molson Coors Beverage by 55.1% in the 4th quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after purchasing an additional 254 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Up 0.2%

Shares of TAP opened at $51.95 on Friday. The business’s 50 day simple moving average is $56.88 and its 200-day simple moving average is $57.86. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $64.66. The stock has a market capitalization of $10.50 billion, a price-to-earnings ratio of 9.71, a price-to-earnings-growth ratio of 1.52 and a beta of 0.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.70.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The business’s quarterly revenue was down 11.3% on a year-over-year basis. As a group, equities analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.88 annualized dividend and a yield of 3.62%. Molson Coors Beverage’s payout ratio is presently 37.83%.

Insider Activity at Molson Coors Beverage

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

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Morgan Stanley dropped their price target on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. Roth Capital set a $71.00 price target on Molson Coors Beverage and gave the stock a “buy” rating in a research note on Tuesday, May 20th. UBS Group dropped their price target on Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Berenberg Bank initiated coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price target for the company. Finally, 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 report on Monday, May 12th. Eleven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and an average target price of $63.26.

Molson Coors Beverage Company 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.