Citizens Business Bank Increases Stake in Molson Coors Beverage Company $TAP

Citizens Business Bank grew its holdings in shares of Molson Coors Beverage Company (NYSE:TAP) by 3.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 56,145 shares of the company’s stock after acquiring an additional 1,705 shares during the quarter. Citizens Business Bank’s holdings in Molson Coors Beverage were worth $2,700,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Foster & Motley Inc. increased its stake in shares of Molson Coors Beverage by 450.4% during the second quarter. Foster & Motley Inc. now owns 41,226 shares of the company’s stock valued at $1,983,000 after buying an additional 33,736 shares during the period. Chevy Chase Trust Holdings LLC boosted its holdings in Molson Coors Beverage by 0.4% in the second quarter. Chevy Chase Trust Holdings LLC now owns 90,625 shares of the company’s stock worth $4,358,000 after acquiring an additional 328 shares in the last quarter. Applied Finance Capital Management LLC bought a new stake in Molson Coors Beverage in the second quarter worth $850,000. Nordea Investment Management AB lifted its holdings in shares of Molson Coors Beverage by 81.9% during the second quarter. Nordea Investment Management AB now owns 674,214 shares of the company’s stock valued at $32,416,000 after purchasing an additional 303,602 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its holdings in shares of Molson Coors Beverage by 4.1% during the second quarter. New York State Teachers Retirement System now owns 176,382 shares of the company’s stock valued at $8,482,000 after purchasing an additional 6,973 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

Shares of TAP stock opened at $47.43 on Friday. Molson Coors Beverage Company has a 52-week low of $43.80 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. The firm has a market capitalization of $9.38 billion, a P/E ratio of 9.36, a P/E/G ratio of 1.72 and a beta of 0.63. The stock has a 50 day moving average price of $48.34 and a 200 day moving average price of $51.69.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the company earned $1.92 EPS. Molson Coors Beverage’s quarterly revenue was down 1.6% compared to the same quarter last year. 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 year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TAP shares. Piper Sandler lowered their price target on Molson Coors Beverage from $53.00 to $52.00 and set a “neutral” rating on the stock in a report on Tuesday, September 30th. Barclays restated an “underweight” rating and issued a $50.00 price target (up previously from $49.00) on shares of Molson Coors Beverage in a research report on Friday, September 12th. Needham & Company LLC cut their target price on Molson Coors Beverage from $65.00 to $58.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Citigroup cut their price target on Molson Coors Beverage from $51.00 to $49.00 and set a “neutral” rating for the company in a report on Thursday, October 9th. Finally, JPMorgan Chase & Co. cut their price target on Molson Coors Beverage from $62.00 to $53.00 and set a “neutral” rating for the company in a report on Thursday, July 31st. Six research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $56.62.

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.