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

Fifth Third Bancorp boosted its stake in shares of Molson Coors Beverage Company (NYSE:TAP) by 457.0% during the first quarter, Holdings Channel reports. The fund owned 57,237 shares of the company’s stock after acquiring 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 hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Caxton Associates LLP bought a new position in shares of Molson Coors Beverage in the first quarter worth about $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 grew its stake in shares of Molson Coors Beverage by 38.7% during 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 during the last quarter. Geneos Wealth Management Inc. increased its holdings 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 increased its holdings 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. Institutional investors and hedge funds own 78.46% of the company’s stock.

Insider Buying and Selling at Molson Coors Beverage

In other news, Director Geoffrey E. Molson sold 1,245 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $42.50, for a total value of $52,912.50. Following the transaction, the director directly owned 9,871 shares in the company, valued at $419,517.50. This trade represents a 11.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.27% of the stock is currently owned by company insiders.

Molson Coors Beverage Trading Down 1.8%

TAP opened at $40.85 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.54 and a quick ratio of 0.38. The company has a market cap of $7.66 billion, a price-to-earnings ratio of -3.84 and a beta of 0.42. The firm has a 50 day simple moving average of $40.28 and a 200 day simple moving average of $44.19. 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 announced its quarterly earnings data on Friday, May 1st. The company reported $0.62 earnings per share for the quarter, beating 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 business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.33 billion. During the same period in the prior year, the business posted $0.50 earnings per share. Molson Coors Beverage’s revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Molson Coors Beverage Company will post 4.8 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently declared 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 of this dividend 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 dividend payout ratio is -18.05%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. The Goldman Sachs Group upped their price objective on Molson Coors Beverage from $48.00 to $50.00 in a report on Friday, May 1st. Citigroup lowered their target price on Molson Coors Beverage from $47.00 to $42.00 and set a “neutral” rating for the company in a research note on Tuesday, July 14th. Evercore dropped their target price on Molson Coors Beverage from $50.00 to $47.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. Wall Street Zen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, JPMorgan Chase & Co. decreased their price target on Molson Coors Beverage from $45.00 to $43.00 and set a “neutral” rating on the stock in a report on Monday, April 27th. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and an average price target of $44.06.

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.