Fifth Third Bancorp Raises Stock Position in Molson Coors Beverage (NYSE:TAP)

Fifth Third Bancorp lifted its position in Molson Coors Beverage (NYSE:TAP) by 5.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,875 shares of the company’s stock after buying an additional 419 shares during the quarter. Fifth Third Bancorp’s holdings in Molson Coors Beverage were worth $509,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Clark Estates Inc. NY grew its position in Molson Coors Beverage by 18.1% during the 3rd quarter. Clark Estates Inc. NY now owns 60,000 shares of the company’s stock worth $3,451,000 after purchasing an additional 9,200 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Molson Coors Beverage by 1.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 35,572 shares of the company’s stock worth $2,046,000 after purchasing an additional 563 shares during the last quarter. Qsemble Capital Management LP grew its position in Molson Coors Beverage by 23.5% during the 3rd quarter. Qsemble Capital Management LP now owns 48,474 shares of the company’s stock worth $2,788,000 after purchasing an additional 9,234 shares during the last quarter. Principal Financial Group Inc. grew its position in Molson Coors Beverage by 4.7% during the 3rd quarter. Principal Financial Group Inc. now owns 211,812 shares of the company’s stock worth $12,183,000 after purchasing an additional 9,510 shares during the last quarter. Finally, FMR LLC grew its position in Molson Coors Beverage by 23.2% during the 3rd quarter. FMR LLC now owns 716,311 shares of the company’s stock worth $41,202,000 after purchasing an additional 134,689 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP opened at $55.26 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The firm has a fifty day moving average price of $57.94 and a 200 day moving average price of $56.18. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18. The stock has a market cap of $11.38 billion, a P/E ratio of 12.45, a P/E/G ratio of 2.04 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.13. The firm had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business’s revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.92 EPS. Equities research analysts anticipate that Molson Coors Beverage will post 5.79 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Analyst Ratings Changes

TAP has been the topic of several research analyst reports. UBS Group dropped their target price on shares of Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Bank of America upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $57.00 to $70.00 in a research note on Friday, December 6th. Barclays decreased their price objective on shares of Molson Coors Beverage from $51.00 to $48.00 and set an “underweight” rating for the company in a research note on Friday, January 17th. StockNews.com upgraded shares of Molson Coors Beverage from a “hold” rating to a “buy” rating in a research note on Saturday, January 25th. Finally, BNP Paribas started coverage on shares of Molson Coors Beverage in a research note on Monday, November 25th. They set a “neutral” rating and a $64.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $61.64.

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.