Gabelli Funds LLC Buys 62,632 Shares of Molson Coors Beverage Company $TAP

Gabelli Funds LLC raised its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 44.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 203,232 shares of the company’s stock after purchasing an additional 62,632 shares during the period. Gabelli Funds LLC’s holdings in Molson Coors Beverage were worth $9,773,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TAP. Clearstead Trust LLC grew its stake in Molson Coors Beverage by 952.8% in the 2nd quarter. Clearstead Trust LLC now owns 558 shares of the company’s stock valued at $27,000 after buying an additional 505 shares during the last quarter. Elequin Capital LP bought a new stake in Molson Coors Beverage during the first quarter valued at about $30,000. Geneos Wealth Management Inc. grew its position in shares of Molson Coors Beverage by 32.9% in the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock valued at $49,000 after purchasing an additional 198 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Molson Coors Beverage in the first quarter worth about $70,000. Finally, Bayforest Capital Ltd lifted its position in shares of Molson Coors Beverage by 735.5% during the 1st quarter. Bayforest Capital Ltd now owns 1,153 shares of the company’s stock worth $70,000 after purchasing an additional 1,015 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Andrew Thomas Molson bought 7,500 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was acquired at an average price of $46.79 per share, for a total transaction of $350,925.00. Following the transaction, the director directly owned 22,654 shares of the company’s stock, valued at $1,059,980.66. This represents a 49.49% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David S. Coors purchased 2,245 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The stock was bought at an average cost of $44.47 per share, for a total transaction of $99,835.15. Following the purchase, the director owned 30,586 shares in the company, valued at $1,360,159.42. This represents a 7.92% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Corporate insiders own 2.71% of the company’s stock.

Molson Coors Beverage Trading Up 3.3%

Shares of TAP stock opened at $46.62 on Tuesday. The firm has a fifty day moving average of $45.87 and a 200-day moving average of $48.46. The stock has a market cap of $9.21 billion, a price-to-earnings ratio of -4.37 and a beta of 0.45. Molson Coors Beverage Company has a 52-week low of $42.94 and a 52-week high of $64.66. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.45 and a current ratio of 0.60.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, November 4th. The company reported $1.67 earnings per share for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.05). Molson Coors Beverage had a negative net margin of 15.89% and a positive return on equity of 8.78%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.360 EPS. On average, equities research analysts forecast that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a $0.47 dividend. This represents a $1.88 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Friday, December 5th. Molson Coors Beverage’s dividend payout ratio is currently -17.60%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Jefferies Financial Group lowered their target price on Molson Coors Beverage from $51.00 to $48.00 and set a “hold” rating on the stock in a report on Tuesday, November 4th. The Goldman Sachs Group dropped their target price on shares of Molson Coors Beverage from $67.00 to $57.00 and set a “buy” rating on the stock in a research report on Thursday, October 2nd. UBS Group cut their target price on shares of Molson Coors Beverage from $49.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, November 5th. Barclays decreased their price target on shares of Molson Coors Beverage from $46.00 to $45.00 and set an “underweight” rating on the stock in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. started coverage on shares of Molson Coors Beverage in a research report on Wednesday, November 5th. They set a “neutral” rating and a $49.00 price objective for the company. Five investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $53.59.

About Molson Coors Beverage

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.