Truist Financial Corp Decreases Stake in Molson Coors Beverage (NYSE:TAP)

Truist Financial Corp trimmed its holdings in shares of Molson Coors Beverage (NYSE:TAPGet Rating) by 23.3% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,850 shares of the company’s stock after selling 2,386 shares during the quarter. Truist Financial Corp’s holdings in Molson Coors Beverage were worth $377,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of TAP. Dark Forest Capital Management LP purchased a new stake in Molson Coors Beverage during the 2nd quarter worth approximately $31,000. CX Institutional bought a new stake in shares of Molson Coors Beverage in the second quarter worth $33,000. Global Retirement Partners LLC raised its holdings in Molson Coors Beverage by 304.9% in the second quarter. Global Retirement Partners LLC now owns 664 shares of the company’s stock valued at $36,000 after acquiring an additional 500 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Molson Coors Beverage by 529.5% during the 2nd quarter. Jones Financial Companies Lllp now owns 661 shares of the company’s stock valued at $36,000 after acquiring an additional 556 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its stake in Molson Coors Beverage by 96.4% during the 1st quarter. Lazard Asset Management LLC now owns 760 shares of the company’s stock valued at $40,000 after acquiring an additional 373 shares during the last quarter. Institutional investors and hedge funds own 76.24% of the company’s stock.

Molson Coors Beverage Trading Up 2.8 %

Shares of NYSE:TAP opened at $51.47 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.77 and a debt-to-equity ratio of 0.45. The company’s 50-day moving average price is $52.20 and its 200 day moving average price is $52.42. The company has a market cap of $11.14 billion, a PE ratio of 22.57, a P/E/G ratio of 3.12 and a beta of 0.86. Molson Coors Beverage has a fifty-two week low of $46.69 and a fifty-two week high of $60.12.

Molson Coors Beverage (NYSE:TAPGet Rating) last released its quarterly earnings results on Tuesday, November 1st. The company reported $1.32 earnings per share for the quarter, missing analysts’ consensus estimates of $1.36 by ($0.04). Molson Coors Beverage had a net margin of 3.85% and a return on equity of 5.78%. The business had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.86 billion. Sell-side analysts anticipate that Molson Coors Beverage will post 3.86 earnings per share for the current year.

Molson Coors Beverage Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Stockholders of record on Friday, December 2nd were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $1.52 annualized dividend and a dividend yield of 2.95%. Molson Coors Beverage’s payout ratio is 66.67%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TAP. Wedbush began coverage on shares of Molson Coors Beverage in a research note on Monday, October 10th. They issued a “neutral” rating and a $50.00 target price on the stock. Wells Fargo & Company lowered Molson Coors Beverage from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $52.00 to $45.00 in a research report on Tuesday, January 3rd. StockNews.com lowered Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Saturday, November 19th. Cowen upgraded Molson Coors Beverage from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $55.00 to $60.00 in a research note on Friday, January 6th. Finally, Credit Suisse Group lowered their target price on shares of Molson Coors Beverage from $49.00 to $48.00 and set an “underperform” rating for the company in a research note on Thursday, October 27th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $54.00.

Molson Coors Beverage Profile

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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. It offers flavored malt beverages, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020.

Further Reading

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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