Forza Wealth Management LLC Sells 400 Shares of Molson Coors Beverage (NYSE:TAP)

Forza Wealth Management LLC reduced its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 1.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,945 shares of the company’s stock after selling 400 shares during the quarter. Forza Wealth Management LLC’s holdings in Molson Coors Beverage were worth $1,476,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James & Associates grew its stake in shares of Molson Coors Beverage by 5.1% in the first quarter. Raymond James & Associates now owns 618,646 shares of the company’s stock valued at $41,604,000 after buying an additional 29,972 shares in the last quarter. IFM Investors Pty Ltd grew its stake in shares of Molson Coors Beverage by 36.6% in the first quarter. IFM Investors Pty Ltd now owns 48,513 shares of the company’s stock valued at $3,262,000 after buying an additional 12,991 shares in the last quarter. New Century Financial Group LLC bought a new position in shares of Molson Coors Beverage in the first quarter valued at $1,107,000. Measured Wealth Private Client Group LLC grew its stake in shares of Molson Coors Beverage by 8.4% in the first quarter. Measured Wealth Private Client Group LLC now owns 13,637 shares of the company’s stock valued at $917,000 after buying an additional 1,058 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Molson Coors Beverage by 220.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after buying an additional 336,496 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Molson Coors Beverage Stock Performance

Shares of TAP traded up $0.98 during midday trading on Monday, reaching $63.52. 2,557,103 shares of the stock were exchanged, compared to its average volume of 1,683,808. Molson Coors Beverage has a twelve month low of $55.67 and a twelve month high of $70.90. The company has a quick ratio of 0.50, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. The company has a market cap of $13.50 billion, a P/E ratio of 14.58, a PEG ratio of 2.16 and a beta of 0.84. The stock’s 50 day simple moving average is $65.15 and its 200 day simple moving average is $62.37.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly 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 business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.78 billion. Molson Coors Beverage had a return on equity of 8.89% and a net margin of 6.83%. Molson Coors Beverage’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.30 earnings per share. On average, sell-side analysts expect that Molson Coors Beverage will post 5.66 earnings per share for the current 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. This represents a $1.76 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend was Thursday, February 29th. This is an increase from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is 40.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TAP shares. Barclays lifted their price objective on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Friday, April 12th. Piper Sandler started coverage on shares of Molson Coors Beverage in a research report on Friday, March 22nd. They set a “neutral” rating and a $69.00 price objective for the company. The Goldman Sachs Group raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $66.00 to $75.00 in a research report on Tuesday, April 9th. Citigroup cut shares of Molson Coors Beverage from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $66.00 to $56.00 in a research report on Wednesday, April 24th. Finally, TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $68.07.

Insider Activity at Molson Coors Beverage

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

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.