Royal Bank of Canada Reduces Position in Molson Coors Beverage Company $TAP

Key Points

• The Royal Bank of Canada has reduced its stake in Molson Coors Beverage Company by 6.7%, now owning 243,792 shares valued at approximately $14.8 million.
• Several other institutional investors have increased their positions in Molson Coors, with notable increases, such as 230.2% from Golden State Wealth Management LLC.
• Molson Coors reported an earnings per share of $2.05 for the last quarter, beating estimates, while revenue for the quarter came in at $3.20 billion, slightly down 1.6% year-over-year.

Royal Bank of Canada decreased its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 6.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 243,792 shares of the company's stock after selling 17,412 shares during the period. Royal Bank of Canada owned 0.12% of Molson Coors Beverage worth $14,839,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Golden State Wealth Management LLC grew its position in shares of Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company's stock valued at $25,000 after purchasing an additional 290 shares during the period. Millstone Evans Group LLC grew its position in shares of Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company's stock valued at $26,000 after purchasing an additional 255 shares during the period. Elequin Capital LP purchased a new stake in shares of Molson Coors Beverage in the first quarter valued at $30,000. Financial Management Professionals Inc. boosted its holdings in Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company's stock valued at $31,000 after acquiring an additional 493 shares during the last quarter. Finally, Eastern Bank acquired a new position in Molson Coors Beverage in the first quarter valued at $33,000. Hedge funds and other institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TAP. UBS Group reduced their target price on Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Wells Fargo & Company reduced their target price on Molson Coors Beverage from $65.00 to $58.00 and set an "overweight" rating on the stock in a report on Wednesday, June 25th. Needham & Company LLC reduced their target price on Molson Coors Beverage from $65.00 to $58.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Wall Street Zen cut Molson Coors Beverage from a "buy" rating to a "hold" rating in a report on Saturday, May 17th. Finally, Morgan Stanley reduced their target price on Molson Coors Beverage from $58.00 to $53.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 6th. Six research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Molson Coors Beverage presently has a consensus rating of "Hold" and an average target price of $58.12.

Molson Coors Beverage Trading Down 0.8%

NYSE:TAP opened at $49.05 on Thursday. The stock has a market cap of $9.70 billion, a price-to-earnings ratio of 9.68, a price-to-earnings-growth ratio of 1.80 and a beta of 0.69. The business's 50-day simple moving average is $50.26 and its 200 day simple moving average is $54.28. 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 Company has a one year low of $46.94 and a one year high of $64.66.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $2.05 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 analyst estimates of $3.12 billion. Molson Coors Beverage had a return on equity of 8.61% and a net margin of 7.81%.The business's revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.92 EPS. Molson Coors Beverage has set its FY 2025 guidance at 5.360-5.540 EPS. As a group, sell-side analysts predict that Molson Coors Beverage Company will post 6.35 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 annualized dividend and a dividend yield of 3.8%. Molson Coors Beverage's dividend payout ratio is 37.08%.

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.

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