Axxcess Wealth Management LLC Purchases Shares of 8,048 Molson Coors Beverage (NYSE:TAP)

Axxcess Wealth Management LLC acquired a new position in Molson Coors Beverage (NYSE:TAP) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 8,048 shares of the company’s stock, valued at approximately $493,000.

Other institutional investors have also added to or reduced their stakes in the company. Tennessee Valley Asset Management Partners bought a new stake in shares of Molson Coors Beverage in the 4th quarter valued at $29,000. Stone House Investment Management LLC acquired a new position in Molson Coors Beverage in the third quarter valued at approximately $32,000. Allworth Financial LP boosted its stake in Molson Coors Beverage by 179.4% during the fourth quarter. Allworth Financial LP now owns 623 shares of the company’s stock worth $38,000 after acquiring an additional 400 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Molson Coors Beverage during the fourth quarter valued at about $61,000. Finally, Signaturefd LLC increased its position in Molson Coors Beverage by 30.2% in the 4th quarter. Signaturefd LLC now owns 1,193 shares of the company’s stock valued at $73,000 after buying an additional 277 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TAP has been the subject of a number of analyst reports. Barclays cut their price target on Molson Coors Beverage from $67.00 to $62.00 and set an “equal weight” rating for the company in a research note on Thursday, May 2nd. UBS Group decreased their price target on Molson Coors Beverage from $70.00 to $64.00 and set a “neutral” rating for the company in a report on Wednesday, May 1st. Evercore ISI dropped their price objective on Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 target price for the company. Finally, The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price target for the company from $66.00 to $75.00 in a research report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $65.53.

Insiders Place Their Bets

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

Molson Coors Beverage Trading Up 1.7 %

Shares of TAP stock opened at $58.27 on Wednesday. Molson Coors Beverage has a 12-month low of $55.67 and a 12-month high of $70.90. The company has a quick ratio of 0.47, a current ratio of 0.69 and a debt-to-equity ratio of 0.40. The company has a 50 day moving average of $64.57 and a 200-day moving average of $62.35. The firm has a market cap of $12.39 billion, a P/E ratio of 11.65, a PEG ratio of 2.09 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, April 30th. The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.21. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The business had revenue of $2.60 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the business posted $0.54 earnings per share. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. Sell-side analysts anticipate that Molson Coors Beverage will post 5.67 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were issued a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, February 29th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. This represents a $1.76 annualized dividend and a yield of 3.02%. Molson Coors Beverage’s dividend payout ratio is 35.20%.

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.