Molson Coors Beverage (NYSE:TAP) Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its position in Molson Coors Beverage (NYSE:TAP) by 78.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). 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 SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ashton Thomas Securities LLC acquired a new position in shares of Molson Coors Beverage in the 3rd quarter valued at about $35,000. Gladius Capital Management LP acquired a new position in Molson Coors Beverage during the 3rd quarter worth approximately $42,000. Catalyst Capital Advisors LLC lifted its position in Molson Coors Beverage by 143.6% during the 4th quarter. Catalyst Capital Advisors LLC now owns 726 shares of the company’s stock worth $42,000 after acquiring an additional 428 shares in the last quarter. True Wealth Design LLC acquired a new position in Molson Coors Beverage during the 3rd quarter worth approximately $59,000. Finally, Allworth Financial LP lifted its position in Molson Coors Beverage by 33.7% during the 3rd quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock worth $68,000 after acquiring an additional 297 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on TAP. JPMorgan Chase & Co. reduced their price target on Molson Coors Beverage from $59.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, January 30th. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Friday. BNP Paribas began coverage on Molson Coors Beverage in a research report on Monday, November 25th. They issued a “neutral” rating and a $64.00 target price on the stock. Citigroup raised Molson Coors Beverage from a “sell” rating to a “neutral” rating and upped their target price for the company from $47.00 to $57.00 in a research report on Wednesday, February 5th. Finally, UBS Group upped their target price on Molson Coors Beverage from $58.00 to $63.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $63.27.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $60.29 on Friday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $12.42 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 1.52 and a beta of 0.85. The business has a 50 day simple moving average of $56.41 and a 200-day simple moving average of $56.60.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.13. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.71 billion. Molson Coors Beverage had a return on equity of 9.34% and a net margin of 8.17%. As a group, equities research analysts expect that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

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

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.