Molson Coors Beverage (NYSE:TAP) Stake Reduced by Truist Financial Corp

Truist Financial Corp reduced its stake in shares of Molson Coors Beverage (NYSE:TAP) by 78.9% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 101,456 shares of the company’s stock after selling 379,841 shares during the period. Truist Financial Corp’s holdings in Molson Coors Beverage were worth $5,815,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Ashton Thomas Securities LLC bought a new position in Molson Coors Beverage during the 3rd quarter worth $35,000. Gladius Capital Management LP bought a new position in shares of Molson Coors Beverage in the third quarter worth $42,000. Catalyst Capital Advisors LLC grew its stake in shares of Molson Coors Beverage by 143.6% in the fourth quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after purchasing an additional 428 shares in the last quarter. True Wealth Design LLC bought a new position in shares of Molson Coors Beverage in the third quarter worth $59,000. Finally, Allworth Financial LP grew its stake in shares of Molson Coors Beverage by 33.7% in the third quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock worth $68,000 after purchasing an additional 297 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on TAP shares. Barclays increased their price target on Molson Coors Beverage from $48.00 to $56.00 and gave the stock an “underweight” rating in a research note on Tuesday, February 18th. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and increased their price target for the stock from $47.00 to $57.00 in a research note on Wednesday, February 5th. Morgan Stanley increased their price target on Molson Coors Beverage from $60.00 to $63.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. UBS Group upped their price objective on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Finally, Bank of America upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and upped their price objective for the company from $57.00 to $70.00 in a report on Friday, December 6th. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $63.27.

Molson Coors Beverage Trading Down 0.2 %

Shares of NYSE TAP opened at $60.29 on Friday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a market cap of $12.42 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 1.52 and a beta of 0.85. The company has a quick ratio of 0.70, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $56.41 and a 200-day simple moving average of $56.60.

Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, February 13th. The company reported $1.30 EPS for the quarter, beating the consensus estimate of $1.17 by $0.13. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Sell-side analysts predict that Molson Coors Beverage will post 6.35 EPS for the current year.

Molson Coors Beverage Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Thursday, February 27th will be given a dividend of $0.47 per share. This represents a $1.88 annualized dividend and a yield of 3.12%. This is a positive change from Molson Coors Beverage’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, February 27th. Molson Coors Beverage’s payout ratio is presently 35.14%.

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.