Truist Financial Corp Has $934,000 Holdings in Molson Coors Beverage Company $TAP

Key Points

• Truist Financial Corp reduced its holdings in Molson Coors Beverage Company by 41.9% during the second quarter, bringing its total stake to $934,000.
• Molson Coors has received mixed ratings from analysts, with six analysts recommending a buy, ten issuing hold ratings, and one assigning a sell rating, while the average price target is $56.62.
• The company declared a quarterly dividend of $0.47 per share, representing an annualized payout of $1.88 and a dividend yield of 4.1%.

Truist Financial Corp cut its stake in shares of Molson Coors Beverage Company (NYSE:TAP - Free Report) by 41.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,423 shares of the company's stock after selling 14,015 shares during the period. Truist Financial Corp's holdings in Molson Coors Beverage were worth $934,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the stock. LSV Asset Management lifted its position in Molson Coors Beverage by 1.4% during the first quarter. LSV Asset Management now owns 6,369,498 shares of the company's stock worth $387,711,000 after acquiring an additional 86,601 shares during the last quarter. Clarkston Capital Partners LLC lifted its position in Molson Coors Beverage by 0.7% during the first quarter. Clarkston Capital Partners LLC now owns 4,553,212 shares of the company's stock worth $277,154,000 after acquiring an additional 33,535 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Molson Coors Beverage by 20.0% during the first quarter. Dimensional Fund Advisors LP now owns 4,503,879 shares of the company's stock worth $274,144,000 after acquiring an additional 750,388 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Molson Coors Beverage by 16.8% during the first quarter. Bank of New York Mellon Corp now owns 4,130,807 shares of the company's stock worth $251,442,000 after acquiring an additional 595,203 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in Molson Coors Beverage by 24.2% during the first quarter. Deutsche Bank AG now owns 2,797,189 shares of the company's stock worth $170,265,000 after acquiring an additional 544,353 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on TAP. Weiss Ratings reiterated a "hold (c-)" rating on shares of Molson Coors Beverage in a research note on Saturday, September 27th. Bank of America cut shares of Molson Coors Beverage from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $65.00 to $50.00 in a research note on Friday, June 27th. Jefferies Financial Group dropped their price objective on shares of Molson Coors Beverage from $52.00 to $50.00 and set a "hold" rating for the company in a research note on Tuesday, September 30th. Evercore ISI dropped their price objective on shares of Molson Coors Beverage from $58.00 to $53.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Finally, Piper Sandler dropped their price objective on shares of Molson Coors Beverage from $53.00 to $52.00 and set a "neutral" rating for the company in a research note on Tuesday, September 30th. Six analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Molson Coors Beverage currently has an average rating of "Hold" and a consensus target price of $56.62.

Molson Coors Beverage Trading Up 0.1%

Shares of Molson Coors Beverage stock opened at $46.03 on Tuesday. The firm has a market capitalization of $9.10 billion, a PE ratio of 9.08, a price-to-earnings-growth ratio of 1.68 and a beta of 0.63. The company has a current ratio of 0.95, a quick ratio of 0.67 and a debt-to-equity ratio of 0.46. The firm's 50 day moving average is $48.58 and its 200 day moving average is $51.95. Molson Coors Beverage Company has a 1 year low of $43.80 and a 1 year high of $64.66.

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

Molson Coors Beverage Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were issued a dividend of $0.47 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.88 annualized dividend and a dividend yield of 4.1%. Molson Coors Beverage's 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.

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