Molson Coors Beverage Company $TAP Shares Acquired by Gabelli Funds LLC

Gabelli Funds LLC lifted its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 7.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,584 shares of the company’s stock after purchasing an additional 15,783 shares during the period. Gabelli Funds LLC owned about 0.12% of Molson Coors Beverage worth $9,541,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank acquired a new stake in Molson Coors Beverage in the 4th quarter worth about $125,755,000. Goldman Sachs Group Inc. raised its holdings in shares of Molson Coors Beverage by 265.3% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,922,022 shares of the company’s stock valued at $136,400,000 after acquiring an additional 2,122,085 shares during the last quarter. State Street Corp raised its holdings in shares of Molson Coors Beverage by 19.2% during the third quarter. State Street Corp now owns 10,516,810 shares of the company’s stock valued at $475,886,000 after acquiring an additional 1,693,682 shares during the last quarter. Royal London Asset Management Ltd. lifted its position in shares of Molson Coors Beverage by 317.9% in the second quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company’s stock valued at $98,297,000 after acquiring an additional 1,554,851 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Molson Coors Beverage by 152.3% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,531,145 shares of the company’s stock valued at $118,154,000 after acquiring an additional 1,528,004 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insider Buying and Selling

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $42.50, for a total value of $52,912.50. Following the transaction, the director directly owned 9,871 shares in the company, valued at $419,517.50. The trade was a 11.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.27% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TAP. Sanford C. Bernstein dropped their price target on Molson Coors Beverage from $74.00 to $45.00 and set a “market perform” rating for the company in a research report on Tuesday, May 26th. Citigroup decreased their price objective on Molson Coors Beverage from $47.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, July 14th. Zacks Research raised shares of Molson Coors Beverage from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. JPMorgan Chase & Co. dropped their target price on shares of Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating for the company in a report on Monday, April 27th. Finally, BNP Paribas Exane reduced their target price on shares of Molson Coors Beverage from $36.00 to $35.00 and set an “underperform” rating for the company in a research report on Wednesday, June 3rd. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage presently has an average rating of “Hold” and a consensus target price of $44.00.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $40.98 on Monday. Molson Coors Beverage Company has a one year low of $38.04 and a one year high of $54.82. The stock has a market cap of $7.69 billion, a PE ratio of -3.85 and a beta of 0.42. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The stock has a 50 day moving average price of $40.26 and a 200 day moving average price of $44.06.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.26. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.33 billion. Molson Coors Beverage had a positive return on equity of 9.79% and a negative net margin of 16.14%.The firm’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 earnings per share. Equities research analysts expect that Molson Coors Beverage Company will post 4.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 28th will be given a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.7%. The ex-dividend date is Friday, August 28th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently -18.05%.

Molson Coors Beverage Profile

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.