Fifth Third Bancorp Has $2.46 Million Position in Molson Coors Beverage Company $TAP

Fifth Third Bancorp lifted its stake in Molson Coors Beverage Company (NYSE:TAP) by 457.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 57,237 shares of the company’s stock after buying an additional 46,961 shares during the period. Fifth Third Bancorp’s holdings in Molson Coors Beverage were worth $2,465,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Caxton Associates LLP bought a new stake in shares of Molson Coors Beverage in the 1st quarter worth approximately $202,000. United Services Automobile Association bought a new stake in shares of Molson Coors Beverage during the first quarter valued at approximately $215,000. Woodline Partners LP raised its stake in shares of Molson Coors Beverage by 38.7% in the first quarter. Woodline Partners LP now owns 14,546 shares of the company’s stock valued at $885,000 after purchasing an additional 4,056 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Molson Coors Beverage by 32.9% in the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company’s stock valued at $49,000 after purchasing an additional 198 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Molson Coors Beverage by 4.7% in the second quarter. First Trust Advisors LP now owns 413,578 shares of the company’s stock valued at $19,889,000 after purchasing an additional 18,566 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Down 1.8%

Shares of NYSE:TAP opened at $40.85 on Wednesday. Molson Coors Beverage Company has a 52 week low of $38.04 and a 52 week high of $54.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.38 and a current ratio of 0.54. The company’s fifty day moving average is $40.28 and its 200-day moving average is $44.19. The company has a market capitalization of $7.66 billion, a PE ratio of -3.84 and a beta of 0.42.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Friday, May 1st. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.26. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Molson Coors Beverage had a negative net margin of 16.14% and a positive return on equity of 9.79%. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. During the same quarter last year, the company posted $0.50 EPS. Equities research analysts predict that Molson Coors Beverage Company will post 4.8 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 28th will be paid a $0.48 dividend. The ex-dividend date is Friday, August 28th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 4.7%. Molson Coors Beverage’s payout ratio is -18.05%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Wells Fargo & Company dropped their price objective on shares of Molson Coors Beverage from $43.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 8th. Jefferies Financial Group reduced their price objective on shares of Molson Coors Beverage from $43.00 to $41.00 in a report on Friday, June 12th. The Goldman Sachs Group lifted their target price on shares of Molson Coors Beverage from $48.00 to $50.00 in a research report on Friday, May 1st. Finally, Needham & Company LLC lowered their target price on shares of Molson Coors Beverage from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Four investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $44.06.

Insider Activity

In related news, Director Geoffrey E. Molson sold 1,245 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total transaction of $52,912.50. Following the sale, the director directly owned 9,871 shares in the company, valued at $419,517.50. This represents a 11.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.27% of the company’s stock.

About Molson Coors Beverage

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.