Contrarius Investment Management Ltd Trims Stock Holdings in Molson Coors Beverage (NYSE:TAP)

Contrarius Investment Management Ltd lowered its holdings in Molson Coors Beverage (NYSE:TAP) by 62.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 130,263 shares of the company’s stock after selling 219,607 shares during the period. Contrarius Investment Management Ltd owned about 0.06% of Molson Coors Beverage worth $6,994,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Red Door Wealth Management LLC purchased a new position in Molson Coors Beverage in the second quarter valued at about $26,000. Zions Bancorporation N.A. raised its stake in Molson Coors Beverage by 90.5% during the first quarter. Zions Bancorporation N.A. now owns 522 shares of the company’s stock valued at $27,000 after buying an additional 248 shares in the last quarter. SkyView Investment Advisors LLC raised its stake in Molson Coors Beverage by 318.9% during the first quarter. SkyView Investment Advisors LLC now owns 553 shares of the company’s stock valued at $28,000 after buying an additional 421 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in Molson Coors Beverage by 281.6% during the second quarter. Exchange Traded Concepts LLC now owns 561 shares of the company’s stock valued at $30,000 after buying an additional 414 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new stake in Molson Coors Beverage during the first quarter valued at approximately $35,000. 80.74% of the stock is owned by hedge funds and other institutional investors.

TAP has been the topic of several research reports. Barclays cut their price objective on Molson Coors Beverage from $53.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Thursday, September 16th. Jefferies Financial Group began coverage on Molson Coors Beverage in a research note on Friday, July 16th. They set a “buy” rating and a $70.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.17.

TAP traded up $2.32 during trading hours on Monday, hitting $48.83. The company’s stock had a trading volume of 39,346 shares, compared to its average volume of 2,076,726. Molson Coors Beverage has a fifty-two week low of $32.19 and a fifty-two week high of $61.48. The company has a current ratio of 0.74, a quick ratio of 0.58 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $10.59 billion, a PE ratio of -18.17, a PEG ratio of 1.96 and a beta of 1.10. The company has a 50-day simple moving average of $48.17 and a 200 day simple moving average of $52.17.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Wednesday, July 28th. The company reported $1.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.24. The firm had revenue of $2.94 billion during the quarter, compared to analyst estimates of $2.88 billion. Molson Coors Beverage had a positive return on equity of 5.97% and a negative net margin of 4.63%. Research analysts expect that Molson Coors Beverage will post 3.92 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, September 17th. Shareholders of record on Monday, August 30th were paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Friday, August 27th. Molson Coors Beverage’s payout ratio is currently 34.69%.

In other news, Director Louis Vachon purchased 3,000 shares of the firm’s stock in a transaction on Wednesday, September 8th. The stock was purchased at an average cost of $46.04 per share, with a total value of $138,120.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.43% of the company’s stock.

Molson Coors Beverage Profile

Molson Coors Beverage Co is a holding company, which engages in the production and sale of beer. It operates through the following segments: North America and Europe. The North America segment operates in the U.S., Canada and various countries in the Caribbean, Latin, and South America. The Europe segment operates in Bulgaria, Croatia, Czech Republic, Hungary, Montenegro, the Republic of Ireland, Romania, Serbia, the U.K., various other European countries, and certain countries within the Middle East, Africa, and Asia Pacific.

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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