Fifth Third Bancorp Sells 1,673 Shares of Molson Coors Beverage (NYSE:TAP)

Fifth Third Bancorp cut its stake in Molson Coors Beverage (NYSE:TAP) by 13.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,647 shares of the company’s stock after selling 1,673 shares during the period. Fifth Third Bancorp’s holdings in Molson Coors Beverage were worth $541,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Montag A & Associates Inc. bought a new position in shares of Molson Coors Beverage in the 4th quarter worth about $31,000. Raleigh Capital Management Inc. lifted its stake in Molson Coors Beverage by 2,087.5% in the fourth quarter. Raleigh Capital Management Inc. now owns 525 shares of the company’s stock valued at $32,000 after buying an additional 501 shares during the period. Venturi Wealth Management LLC boosted its holdings in shares of Molson Coors Beverage by 46.6% during the 1st quarter. Venturi Wealth Management LLC now owns 585 shares of the company’s stock worth $39,000 after buying an additional 186 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Molson Coors Beverage during the 4th quarter worth approximately $36,000. Finally, Crewe Advisors LLC bought a new stake in shares of Molson Coors Beverage in the 1st quarter valued at $43,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Trading Up 0.6 %

Shares of TAP stock opened at $53.83 on Friday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a 50-day simple moving average of $52.07 and a two-hundred day simple moving average of $57.93. The company has a market capitalization of $11.41 billion, a price-to-earnings ratio of 10.77, a PEG ratio of 2.26 and a beta of 0.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.47 and a current ratio of 0.69.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.24. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a return on equity of 9.47% and a net margin of 7.66%. The business’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.78 earnings per share. Research analysts anticipate that Molson Coors Beverage will post 5.56 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 30th will be issued a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.76 dividend on an annualized basis and a yield of 3.27%. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TAP. Deutsche Bank Aktiengesellschaft increased their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. UBS Group boosted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen lowered Molson Coors Beverage from a “buy” rating to a “hold” rating and cut their price target for the stock from $68.00 to $58.00 in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. boosted their price objective on Molson Coors Beverage from $54.00 to $57.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $60.53.

About Molson Coors Beverage

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.