GAMMA Investing LLC Grows Stock Holdings in Molson Coors Beverage (NYSE:TAP)

GAMMA Investing LLC lifted its position in shares of Molson Coors Beverage (NYSE:TAP) by 6,851.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 326,385 shares of the company’s stock after purchasing an additional 321,690 shares during the period. GAMMA Investing LLC owned about 0.16% of Molson Coors Beverage worth $19,867,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc raised its holdings in Molson Coors Beverage by 1,002.4% in the first quarter. Versant Capital Management Inc now owns 5,523 shares of the company’s stock valued at $336,000 after acquiring an additional 5,022 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Molson Coors Beverage by 75.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 61,327 shares of the company’s stock valued at $3,515,000 after buying an additional 26,318 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new position in shares of Molson Coors Beverage during the 4th quarter valued at about $3,338,000. Siemens Fonds Invest GmbH bought a new position in shares of Molson Coors Beverage during the 4th quarter valued at about $4,538,000. Finally, QSM Asset Management Ltd acquired a new position in shares of Molson Coors Beverage in the fourth quarter worth about $6,693,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TAP has been the subject of a number of research analyst reports. Barclays reduced their price target on shares of Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating for the company in a research report on Monday, May 12th. Morgan Stanley dropped their target price on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Wall Street Zen lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Saturday, May 17th. Needham & Company LLC lowered their price target on shares of Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Finally, Roth Capital set a $71.00 target price on shares of Molson Coors Beverage and gave the stock a “buy” rating in a report on Tuesday, May 20th. Eleven analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and an average price target of $63.26.

Insider Buying and Selling

In other news, Director Geoffrey E. Molson sold 1,333 shares of the firm’s stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the completion of the transaction, the director now directly owns 27,595 shares of the company’s stock, valued at $1,553,322.55. This trade represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP opened at $51.84 on Friday. The company has a market capitalization of $10.48 billion, a price-to-earnings ratio of 9.69, a P/E/G ratio of 1.52 and a beta of 0.73. The firm’s 50 day simple moving average is $57.07 and its 200 day simple moving average is $57.94. 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 has a fifty-two week low of $49.19 and a fifty-two week high of $64.66.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business earned $0.95 earnings per share. The business’s revenue was down 11.3% on a year-over-year basis. As a group, sell-side analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.88 dividend on an annualized basis and a yield of 3.63%. Molson Coors Beverage’s payout ratio is 37.83%.

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.