Alpha Omega Wealth Management LLC Trims Stake in Molson Coors Beverage (NYSE:TAP)

Alpha Omega Wealth Management LLC cut its position in shares of Molson Coors Beverage (NYSE:TAP) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 63,961 shares of the company’s stock after selling 393 shares during the period. Alpha Omega Wealth Management LLC’s holdings in Molson Coors Beverage were worth $3,915,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Belpointe Asset Management LLC boosted its position in shares of Molson Coors Beverage by 12.7% during the first quarter. Belpointe Asset Management LLC now owns 1,521 shares of the company’s stock valued at $79,000 after buying an additional 171 shares during the period. IMPACTfolio LLC grew its position in Molson Coors Beverage by 4.6% in the 4th quarter. IMPACTfolio LLC now owns 4,027 shares of the company’s stock valued at $246,000 after acquiring an additional 176 shares during the last quarter. Syntax Advisors LLC increased its stake in Molson Coors Beverage by 5.0% in the third quarter. Syntax Advisors LLC now owns 3,866 shares of the company’s stock worth $246,000 after purchasing an additional 185 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Molson Coors Beverage by 1.3% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,259 shares of the company’s stock worth $970,000 after purchasing an additional 196 shares during the last quarter. Finally, Kingsview Wealth Management LLC boosted its stake in shares of Molson Coors Beverage by 4.5% during the third quarter. Kingsview Wealth Management LLC now owns 4,981 shares of the company’s stock valued at $317,000 after purchasing an additional 213 shares during the period. 78.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on TAP shares. Citigroup upped their target price on shares of Molson Coors Beverage from $63.00 to $66.00 and gave the stock a “neutral” rating in a research note on Tuesday. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. Barclays upped their target price on Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a report on Friday, April 12th. TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. Finally, Piper Sandler started coverage on shares of Molson Coors Beverage in a research note on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective for the company. One research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $68.27.

Molson Coors Beverage Stock Performance

NYSE TAP traded down $1.51 during mid-day trading on Wednesday, reaching $63.26. 2,190,414 shares of the stock were exchanged, compared to its average volume of 1,416,033. Molson Coors Beverage has a 1 year low of $55.67 and a 1 year high of $70.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The business’s 50 day moving average is $64.75 and its 200-day moving average is $62.20. The company has a market capitalization of $13.65 billion, a P/E ratio of 14.51, a P/E/G ratio of 2.26 and a beta of 0.84.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, February 13th. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. The company’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.30 EPS. On average, equities research analysts forecast that Molson Coors Beverage will post 5.66 EPS for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, March 1st were paid a $0.44 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.76 dividend on an annualized basis and a yield of 2.78%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s dividend payout ratio (DPR) is currently 40.37%.

Insider Activity

In related news, CFO Tracey Joubert sold 2,771 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $60.37, for a total transaction of $167,285.27. Following the completion of the transaction, the chief financial officer now owns 60,538 shares in the company, valued at approximately $3,654,679.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.71% of the company’s stock.

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.