Molson Coors Beverage (NYSE:TAP) Stock Position Decreased by Red Spruce Capital LLC

Red Spruce Capital LLC decreased its position in Molson Coors Beverage (NYSE:TAP) by 3.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,163 shares of the company’s stock after selling 811 shares during the quarter. Red Spruce Capital LLC’s holdings in Molson Coors Beverage were worth $1,525,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Alpha Omega Wealth Management LLC grew its position in Molson Coors Beverage by 3.0% in the first quarter. Alpha Omega Wealth Management LLC now owns 94,755 shares of the company’s stock worth $4,897,000 after acquiring an additional 2,718 shares in the last quarter. Leavell Investment Management Inc. boosted its holdings in Molson Coors Beverage by 17.3% in the first quarter. Leavell Investment Management Inc. now owns 4,846 shares of the company’s stock worth $250,000 after purchasing an additional 713 shares in the last quarter. AE Wealth Management LLC increased its position in Molson Coors Beverage by 81.7% during the first quarter. AE Wealth Management LLC now owns 8,566 shares of the company’s stock worth $443,000 after buying an additional 3,852 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in Molson Coors Beverage by 8.1% during the first quarter. Gateway Investment Advisers LLC now owns 4,522 shares of the company’s stock valued at $234,000 after buying an additional 340 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board lifted its position in shares of Molson Coors Beverage by 46.2% in the first quarter. Ontario Teachers Pension Plan Board now owns 36,199 shares of the company’s stock worth $1,871,000 after buying an additional 11,441 shares during the last quarter. Institutional investors own 73.95% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP traded up $0.27 during mid-day trading on Thursday, reaching $63.50. The company had a trading volume of 186,769 shares, compared to its average volume of 1,944,300. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.87 and a quick ratio of 0.64. The company has a market capitalization of $13.73 billion, a P/E ratio of 395.19, a P/E/G ratio of 1.71 and a beta of 0.88. Molson Coors Beverage has a twelve month low of $46.69 and a twelve month high of $70.90. The company’s 50-day moving average is $65.32 and its 200-day moving average is $61.38.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, August 1st. The company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.15. Molson Coors Beverage had a return on equity of 8.17% and a net margin of 0.31%. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.31 billion. On average, equities analysts anticipate that Molson Coors Beverage will post 5.07 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Friday, September 1st will be given a $0.41 dividend. The ex-dividend date is Thursday, August 31st. This represents a $1.64 dividend on an annualized basis and a yield of 2.58%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 1,025.00%.

Analyst Ratings Changes

A number of research analysts recently weighed in on TAP shares. The Goldman Sachs Group boosted their target price on Molson Coors Beverage from $61.00 to $69.00 and gave the stock a “neutral” rating in a report on Thursday, July 20th. 51job reaffirmed a “maintains” rating on shares of Molson Coors Beverage in a report on Monday, June 26th. UBS Group boosted their target price on shares of Molson Coors Beverage from $67.00 to $70.00 in a research report on Monday, June 26th. 58.com reaffirmed a “maintains” rating on shares of Molson Coors Beverage in a research report on Monday, June 26th. Finally, Jefferies Financial Group boosted their price objective on Molson Coors Beverage from $74.00 to $75.00 in a research report on Tuesday, June 6th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $62.40.

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.