Molson Coors Beverage (NYSE:TAP) Shares Sold by KBC Group NV

KBC Group NV lowered its position in shares of Molson Coors Beverage (NYSE:TAP) by 77.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 480,737 shares of the company’s stock after selling 1,612,355 shares during the quarter. KBC Group NV owned 0.23% of Molson Coors Beverage worth $27,652,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the business. iA Global Asset Management Inc. lifted its holdings in Molson Coors Beverage by 117.5% in the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock valued at $2,124,000 after purchasing an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP raised its stake in shares of Molson Coors Beverage by 124.5% in the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after acquiring an additional 29,552 shares during the period. Manning & Napier Advisors LLC acquired a new position in shares of Molson Coors Beverage during the second quarter worth about $3,842,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Molson Coors Beverage by 105.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company’s stock worth $17,459,000 after acquiring an additional 132,893 shares during the period. Finally, Sei Investments Co. grew its holdings in Molson Coors Beverage by 36.2% during the 1st quarter. Sei Investments Co. now owns 197,541 shares of the company’s stock valued at $13,285,000 after purchasing an additional 52,523 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of TAP opened at $62.42 on Friday. The company has a market capitalization of $12.93 billion, a price-to-earnings ratio of 14.06, a P/E/G ratio of 2.48 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The business’s 50-day moving average is $56.23 and its 200-day moving average is $54.36. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The company had revenue of $3.04 billion during the quarter, compared to the consensus estimate of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s quarterly revenue was down 7.8% on a year-over-year basis. During the same period last year, the business earned $1.92 EPS. Equities research analysts expect that Molson Coors Beverage will post 5.77 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. JPMorgan Chase & Co. increased their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. Barclays raised their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Finally, TD Cowen cut their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $60.31.

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.