Principal Financial Group Inc. Purchases 14,765 Shares of Molson Coors Beverage Company $TAP

Principal Financial Group Inc. increased its position in shares of Molson Coors Beverage Company (NYSE:TAP) by 7.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 222,262 shares of the company’s stock after acquiring an additional 14,765 shares during the quarter. Principal Financial Group Inc. owned about 0.12% of Molson Coors Beverage worth $9,571,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Molson Coors Beverage during the 4th quarter worth about $125,755,000. Goldman Sachs Group Inc. boosted its stake in shares of Molson Coors Beverage by 265.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,922,022 shares of the company’s stock valued at $136,400,000 after purchasing an additional 2,122,085 shares during the last quarter. State Street Corp boosted its stake in shares of Molson Coors Beverage by 19.2% in the 3rd quarter. State Street Corp now owns 10,516,810 shares of the company’s stock valued at $475,886,000 after purchasing an additional 1,693,682 shares during the last quarter. Royal London Asset Management Ltd. grew its position in shares of Molson Coors Beverage by 317.9% during the 2nd quarter. Royal London Asset Management Ltd. now owns 2,044,028 shares of the company’s stock worth $98,297,000 after buying an additional 1,554,851 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Molson Coors Beverage by 152.3% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,531,145 shares of the company’s stock worth $118,154,000 after buying an additional 1,528,004 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Insiders Place Their Bets

In other Molson Coors Beverage news, Director Geoffrey E. Molson sold 1,245 shares of Molson Coors Beverage stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the transaction, the director directly owned 9,871 shares in the company, valued at approximately $419,517.50. The trade was a 11.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.27% of the company’s stock.

Molson Coors Beverage Stock Up 2.3%

Molson Coors Beverage stock opened at $40.98 on Friday. The firm has a market capitalization of $7.69 billion, a price-to-earnings ratio of -3.85 and a beta of 0.42. The company’s 50 day simple moving average is $40.26 and its 200 day simple moving average is $44.07. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.54 and a quick ratio of 0.38. Molson Coors Beverage Company has a fifty-two week low of $38.04 and a fifty-two week high of $54.82.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.26. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period last year, the business posted $0.50 earnings per share. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Molson Coors Beverage Company will post 4.78 EPS for the current year.

Molson Coors Beverage Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 28th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 4.7%. The ex-dividend date of this dividend is Friday, August 28th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently -18.05%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TAP. Citigroup cut their price objective on shares of Molson Coors Beverage from $47.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, July 14th. Wells Fargo & Company lowered their target price on shares of Molson Coors Beverage from $43.00 to $41.00 and set an “equal weight” rating for the company in a report on Wednesday, July 8th. JPMorgan Chase & Co. dropped their target price on shares of Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating for the company in a research report on Monday, April 27th. Weiss Ratings reissued a “sell (d)” rating on shares of Molson Coors Beverage in a research note on Wednesday, June 24th. Finally, Evercore reduced their price target on Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and an average target price of $44.00.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company is a leading multinational brewing and beverage enterprise formed through the 2005 merger of Canada’s Molson and the United States’ Coors. The company develops, markets and distributes an array of alcoholic and non-alcoholic beverages, focusing primarily on beer and ready-to-drink products. Its portfolio spans flagship brands such as Coors Light, Molson Canadian and Miller Lite, alongside craft-style offerings like Blue Moon and global imports including Carling and Staropramen.

In addition to its core beer business, Molson Coors has expanded into adjacent categories to capture evolving consumer tastes.