Comerica Bank Acquires 5,131 Shares of Molson Coors Beverage Company $TAP

Key Points

• Comerica Bank increased its holdings in Molson Coors Beverage Company by 4.9%, owning approximately $6.7 million worth of stock as of its latest filing.
• Several brokerage firms have reduced their price targets for Molson Coors, with the average target now at $58.12, while the company has an average rating of "Hold".
• Molson Coors recently announced a quarterly dividend of $0.47 per share, translating to an annualized dividend yield of 3.7%.

Comerica Bank boosted its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 4.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 110,349 shares of the company's stock after buying an additional 5,131 shares during the period. Comerica Bank owned approximately 0.05% of Molson Coors Beverage worth $6,717,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Freedom Investment Management Inc. raised its position in Molson Coors Beverage by 13.5% during the first quarter. Freedom Investment Management Inc. now owns 24,819 shares of the company's stock valued at $1,511,000 after buying an additional 2,953 shares during the period. Campbell & CO Investment Adviser LLC raised its position in Molson Coors Beverage by 476.2% during the first quarter. Campbell & CO Investment Adviser LLC now owns 86,988 shares of the company's stock valued at $5,295,000 after buying an additional 71,890 shares during the period. Jump Financial LLC raised its position in Molson Coors Beverage by 205.4% during the first quarter. Jump Financial LLC now owns 24,307 shares of the company's stock valued at $1,480,000 after buying an additional 16,349 shares during the period. SVB Wealth LLC acquired a new position in Molson Coors Beverage during the first quarter valued at $96,000. Finally, Northwestern Mutual Wealth Management Co. raised its position in Molson Coors Beverage by 8.4% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 85,935 shares of the company's stock valued at $5,231,000 after buying an additional 6,639 shares during the period. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TAP has been the topic of several research reports. JPMorgan Chase & Co. dropped their target price on Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. UBS Group dropped their target price on Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 6th. The Goldman Sachs Group dropped their target price on Molson Coors Beverage from $77.00 to $67.00 and set a "buy" rating on the stock in a research report on Wednesday, August 6th. Barclays dropped their target price on Molson Coors Beverage from $53.00 to $49.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Finally, Morgan Stanley dropped their target price on Molson Coors Beverage from $58.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Six investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $58.12.

Molson Coors Beverage Stock Up 0.5%

Shares of TAP traded up $0.23 during trading hours on Friday, hitting $50.45. 1,714,557 shares of the company were exchanged, compared to its average volume of 2,642,138. The company has a market cap of $10.20 billion, a PE ratio of 9.95, a PEG ratio of 1.84 and a beta of 0.67. The firm's 50 day moving average is $49.98 and its 200-day moving average is $54.81. Molson Coors Beverage Company has a 52 week low of $46.94 and a 52 week high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.95.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.83 by $0.22. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.12 billion. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%.The firm's revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.92 EPS. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. On average, equities research analysts forecast that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, September 5th. Molson Coors Beverage's dividend payout ratio is 37.08%.

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.