Comerica Bank Has $6.03 Million Stock Position in Molson Coors Beverage (NYSE:TAP)

Comerica Bank trimmed its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 12.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 105,218 shares of the company's stock after selling 15,575 shares during the quarter. Comerica Bank owned approximately 0.05% of Molson Coors Beverage worth $6,031,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in Molson Coors Beverage in the 3rd quarter valued at approximately $262,000. Tidal Investments LLC increased its position in Molson Coors Beverage by 19.4% in the 3rd quarter. Tidal Investments LLC now owns 30,362 shares of the company's stock worth $1,746,000 after purchasing an additional 4,929 shares during the last quarter. Synovus Financial Corp acquired a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at about $684,000. Principal Financial Group Inc. boosted its holdings in Molson Coors Beverage by 4.7% in the third 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 in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Molson Coors Beverage by 42.6% in the 4th quarter. GAMMA Investing LLC now owns 4,695 shares of the company's stock worth $269,000 after purchasing an additional 1,402 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP traded down $0.09 on Wednesday, hitting $56.81. The stock had a trading volume of 3,406,366 shares, compared to its average volume of 2,057,874. The company has a market capitalization of $11.51 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 1.52 and a beta of 0.73. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.70 and a current ratio of 0.94. The firm's 50 day moving average price is $59.36 and its 200-day moving average price is $58.42. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.13. The company had revenue of $2.74 billion during the quarter, compared to analysts' expectations of $2.71 billion. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. On average, equities research analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Thursday, February 27th were paid a $0.47 dividend. The ex-dividend date of this dividend was Thursday, February 27th. This is a positive change from Molson Coors Beverage's previous quarterly dividend of $0.44. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.31%. Molson Coors Beverage's dividend payout ratio (DPR) is 35.14%.

Analysts Set New Price Targets

TAP has been the subject of a number of research analyst reports. Citigroup raised shares of Molson Coors Beverage from a "sell" rating to a "neutral" rating and boosted their target price for the stock from $47.00 to $57.00 in a research report on Wednesday, February 5th. UBS Group raised their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a "neutral" rating in a report on Friday, February 14th. Morgan Stanley upped their price target on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an "equal weight" rating in a report on Friday, February 14th. JPMorgan Chase & Co. lowered their price objective on shares of Molson Coors Beverage from $59.00 to $58.00 and set a "neutral" rating on the stock in a research note on Thursday, January 30th. Finally, Berenberg Bank started coverage on shares of Molson Coors Beverage in a research note on Wednesday, April 2nd. They set a "buy" rating and a $86.90 target price for the company. Eleven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $64.14.

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.