The best thing is to replace it with a slightly larger one.
Hi Paul, here is a video how to remove without damaging the drywall:
Here's a post that might help - https://homeguides.sfgate.com/fix-loose-mountings-drywall-73328.html
Paul: Ann is correct. Good advice!
Hi Paul, hope this helps you out,
Hope this helps:
Hi Deb: What you can do is to pull on the screw with your fingers until the molly bolt hits the wall behind the wallboard. Then, screw until it snugs up to the wall. Don't screw so hard that you pull it through the wallboard, but snug enough that it's secure. Good luck