Fifth Third Wealth Advisors LLC Purchases New Position in Molson Coors Beverage (NYSE:TAP)

Fifth Third Wealth Advisors LLC purchased a new stake in shares of Molson Coors Beverage (NYSE:TAP) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,031 shares of the company’s stock, valued at approximately $245,000.

A number of other hedge funds also recently bought and sold shares of TAP. Truvestments Capital LLC increased its holdings in Molson Coors Beverage by 51.4% during the 4th quarter. Truvestments Capital LLC now owns 595 shares of the company’s stock valued at $34,000 after purchasing an additional 202 shares during the period. CoreCap Advisors LLC grew its holdings in shares of Molson Coors Beverage by 10,716.7% during the 4th quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after acquiring an additional 643 shares during the period. Quarry LP grew its holdings in shares of Molson Coors Beverage by 55.1% during the 4th quarter. Quarry LP now owns 715 shares of the company’s stock worth $41,000 after acquiring an additional 254 shares during the period. Catalyst Capital Advisors LLC grew its holdings in shares of Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after acquiring an additional 428 shares during the period. Finally, SRS Capital Advisors Inc. grew its holdings in shares of Molson Coors Beverage by 38.6% during the 4th quarter. SRS Capital Advisors Inc. now owns 729 shares of the company’s stock worth $42,000 after acquiring an additional 203 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TAP shares. Morgan Stanley reduced their target price on Molson Coors Beverage from $63.00 to $58.00 and set an “equal weight” rating on the stock in a report on Friday, May 9th. Needham & Company LLC reduced their target price on Molson Coors Beverage from $72.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, May 12th. Barclays reduced their target price on Molson Coors Beverage from $60.00 to $57.00 and set an “equal weight” rating on the stock in a report on Monday, May 12th. Roth Capital set a $71.00 target price on Molson Coors Beverage and gave the stock a “buy” rating in a report on Tuesday, May 20th. Finally, Berenberg Bank began coverage on Molson Coors Beverage in a research note on Wednesday, April 2nd. They issued a “buy” rating and a $86.90 price target on the stock. Eleven research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $63.26.

Molson Coors Beverage Stock Performance

TAP stock opened at $52.80 on Thursday. The stock has a market capitalization of $10.67 billion, a PE ratio of 9.87, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $64.66. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $57.25 and its 200 day simple moving average is $58.01.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.30). The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.43 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. Molson Coors Beverage’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.95 earnings per share. As a group, research analysts forecast that Molson Coors Beverage will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.47 per share. The ex-dividend date is Friday, June 6th. This represents a $1.88 annualized dividend and a dividend yield of 3.56%. Molson Coors Beverage’s payout ratio is 37.83%.

Insider Activity

In other news, Director Geoffrey E. Molson sold 1,333 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total transaction of $75,034.57. Following the transaction, the director now directly owns 27,595 shares of the company’s stock, valued at $1,553,322.55. This represents a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.71% of the company’s stock.

Molson Coors Beverage Company Profile

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.