Hancock Whitney Corp Cuts Position in Molson Coors Beverage Company $TAP

Key Points

• Hancock Whitney Corp has reduced its stake in Molson Coors Beverage Company by 47.6%, selling 9,742 shares and holding a total of 10,736 shares worth $654,000 as per its latest SEC filing.
• Various institutional investors have significantly increased their stakes in Molson Coors, with Ameriprise Financial Inc. growing its stake by 414.3% during the same quarter.
• Molson Coors recently reported an EPS of $2.05 for its last quarter, exceeding estimates, while also announcing a quarterly dividend of $0.47 with a yield of 3.7%.

Hancock Whitney Corp trimmed its holdings in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 47.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,736 shares of the company's stock after selling 9,742 shares during the quarter. Hancock Whitney Corp's holdings in Molson Coors Beverage were worth $654,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in Molson Coors Beverage by 14.7% in the 1st quarter. Principal Financial Group Inc. now owns 238,178 shares of the company's stock worth $14,498,000 after acquiring an additional 30,463 shares in the last quarter. Nuveen LLC purchased a new stake in Molson Coors Beverage during the first quarter valued at approximately $22,253,000. Kendall Capital Management lifted its position in Molson Coors Beverage by 42.7% during the first quarter. Kendall Capital Management now owns 19,995 shares of the company's stock valued at $1,217,000 after acquiring an additional 5,985 shares during the last quarter. Jump Financial LLC lifted 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 acquiring an additional 16,349 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Molson Coors Beverage by 7.7% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,330 shares of the company's stock worth $1,352,000 after buying an additional 1,606 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. UBS Group cut their price objective on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 6th. Bank of America lowered shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price target for the company from $65.00 to $50.00 in a research report on Friday, June 27th. JPMorgan Chase & Co. dropped their target price on shares of 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. Sanford C. Bernstein decreased their price target on shares of Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a research note on Wednesday, July 9th. Finally, Piper Sandler decreased their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a "neutral" rating on the stock in a research note on Monday, June 23rd. Six investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of "Hold" and an average price target of $58.12.

Molson Coors Beverage Stock Down 0.8%

Shares of Molson Coors Beverage stock traded down $0.40 during trading hours on Wednesday, hitting $49.05. The company had a trading volume of 2,613,892 shares, compared to its average volume of 2,438,618. The company has a market cap of $9.70 billion, a P/E ratio of 9.68, a price-to-earnings-growth ratio of 1.82 and a beta of 0.69. The company's 50-day moving average is $50.27 and its two-hundred day moving average is $54.32. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.67. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month high of $64.66.

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

Molson Coors Beverage Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a yield of 3.8%. Molson Coors Beverage's dividend payout ratio is presently 37.08%.

Molson Coors Beverage 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.