OLD National Bancorp IN Invests $212,000 in Molson Coors Beverage (NYSE:TAP)

OLD National Bancorp IN purchased a new position in shares of Molson Coors Beverage (NYSE:TAP) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,489 shares of the company’s stock, valued at approximately $212,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. DoubleLine ETF Adviser LP boosted its position in Molson Coors Beverage by 1.7% in the 4th quarter. DoubleLine ETF Adviser LP now owns 10,297 shares of the company’s stock valued at $590,000 after buying an additional 170 shares during the period. Venturi Wealth Management LLC lifted its position in shares of Molson Coors Beverage by 7.4% during the 4th quarter. Venturi Wealth Management LLC now owns 2,935 shares of the company’s stock worth $168,000 after purchasing an additional 202 shares during the last quarter. Truvestments Capital LLC lifted its position in shares of Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock worth $34,000 after purchasing an additional 202 shares during the last quarter. SRS Capital Advisors Inc. lifted its position in shares of Molson Coors Beverage by 38.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after purchasing an additional 203 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Molson Coors Beverage by 0.4% during the 4th quarter. ProShare Advisors LLC now owns 49,000 shares of the company’s stock worth $2,809,000 after purchasing an additional 206 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insider Transactions at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,333 shares of the business’s stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director now directly owns 27,595 shares in the company, valued at $1,553,322.55. The trade was a 4.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.71% of the company’s stock.

Molson Coors Beverage Trading Up 0.2%

NYSE TAP opened at $52.20 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The firm has a market cap of $10.55 billion, a PE ratio of 9.76, a P/E/G ratio of 1.52 and a beta of 0.72. Molson Coors Beverage has a one year low of $49.19 and a one year high of $64.66. The firm’s fifty day moving average is $56.48 and its two-hundred day moving average is $57.75.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, May 8th. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.30). The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The company’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 earnings per share. Analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders 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 dividend yield of 3.60%. Molson Coors Beverage’s dividend payout ratio (DPR) is 37.83%.

Analyst Ratings Changes

TAP has been the topic of several research analyst reports. Barclays cut their price target on shares of Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Monday, May 12th. Morgan Stanley cut their price target on shares of Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Friday, May 9th. UBS Group cut their price target on shares of Molson Coors Beverage from $63.00 to $59.00 and set a “neutral” rating on the stock in a research note on Friday, May 9th. Roth Capital set a $71.00 price target on shares of Molson Coors Beverage and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Finally, Wall Street Zen lowered shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Saturday, May 17th. Eleven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $63.26.

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.