OLD National Bancorp IN Boosts Holdings in Molson Coors Beverage Company $TAP

Key Points

• OLD National Bancorp IN significantly increased its stake in Molson Coors Beverage by 4,872.4%, owning 173,487 shares valued at approximately $8.34 million.
• Molson Coors reported quarterly earnings of $2.05 EPS, surpassing analyst estimates of $1.83, although its revenue decreased by 1.6% year-over-year.
• The company announced a quarterly dividend of $0.47 per share, resulting in an annualized yield of 4.1% and a payout ratio of 37.08%.

OLD National Bancorp IN raised its position in Molson Coors Beverage Company (NYSE:TAP - Free Report) by 4,872.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 173,487 shares of the company's stock after purchasing an additional 169,998 shares during the period. OLD National Bancorp IN owned 0.09% of Molson Coors Beverage worth $8,343,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Golden State Wealth Management LLC boosted its stake in Molson Coors Beverage by 230.2% during the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after buying an additional 290 shares during the period. Millstone Evans Group LLC raised its holdings in shares of Molson Coors Beverage by 151.8% in the 1st quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock valued at $26,000 after acquiring an additional 255 shares in the last quarter. Elequin Capital LP bought a new stake in shares of Molson Coors Beverage during the 1st quarter valued at about $30,000. Eastern Bank purchased a new position in shares of Molson Coors Beverage during the first quarter worth about $33,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Molson Coors Beverage by 32.9% in the first quarter. Geneos Wealth Management Inc. now owns 800 shares of the company's stock worth $49,000 after purchasing an additional 198 shares during the last quarter. Institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $46.40 on Monday. The firm has a fifty day simple moving average of $48.98 and a two-hundred day simple moving average of $52.53. The company has a quick ratio of 0.67, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. Molson Coors Beverage Company has a twelve month low of $43.80 and a twelve month high of $64.66. The company has a market capitalization of $9.17 billion, a PE ratio of 9.15, a P/E/G ratio of 1.69 and a beta of 0.63.

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

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend was Friday, September 5th. Molson Coors Beverage's dividend payout ratio is 37.08%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Citigroup dropped their target price on shares of Molson Coors Beverage from $56.00 to $51.00 and set a "neutral" rating for the company in a research report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their price objective on shares of Molson Coors Beverage from $62.00 to $53.00 and set a "neutral" rating for the company in a report on Thursday, July 31st. Evercore ISI cut their target price on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "outperform" rating for the company in a research report on Wednesday, August 6th. Sanford C. Bernstein lowered their price target on Molson Coors Beverage from $65.00 to $55.00 and set a "market perform" rating on the stock in a research report on Wednesday, July 9th. Finally, Jefferies Financial Group cut their price objective on Molson Coors Beverage from $52.00 to $50.00 and set a "hold" rating for the company in a report on Tuesday, September 30th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $56.88.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.