Truist Financial Corp Sells 1,543 Shares of Molson Coors Beverage (NYSE:TAP)

Truist Financial Corp reduced its position in Molson Coors Beverage (NYSE:TAP) by 0.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 395,046 shares of the company’s stock after selling 1,543 shares during the quarter. Truist Financial Corp owned 0.18% of Molson Coors Beverage worth $24,181,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Czech National Bank boosted its position in Molson Coors Beverage by 46.0% during the 3rd quarter. Czech National Bank now owns 32,441 shares of the company’s stock valued at $2,063,000 after buying an additional 10,216 shares during the period. Asset Management One Co. Ltd. raised its position in shares of Molson Coors Beverage by 1.2% in the 3rd quarter. Asset Management One Co. Ltd. now owns 74,853 shares of the company’s stock worth $4,760,000 after purchasing an additional 869 shares during the last quarter. Linden Thomas Advisory Services LLC bought a new stake in Molson Coors Beverage during the 3rd quarter valued at about $725,000. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in Molson Coors Beverage by 5.4% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 76,766 shares of the company’s stock worth $4,882,000 after buying an additional 3,900 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in shares of Molson Coors Beverage by 7.2% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 33,897 shares of the company’s stock worth $2,156,000 after buying an additional 2,279 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Trading Up 1.6 %

Shares of Molson Coors Beverage stock opened at $63.52 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.70. The company has a fifty day moving average of $65.15 and a 200 day moving average of $62.37. The company has a market capitalization of $13.50 billion, a P/E ratio of 14.57, a P/E/G ratio of 2.16 and a beta of 0.84. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, February 13th. The company reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.07. Molson Coors Beverage had a net margin of 6.83% and a return on equity of 8.89%. The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter last year, the business posted $1.30 earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Molson Coors Beverage will post 5.66 earnings per share for the current fiscal year.

Molson Coors Beverage Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Friday, March 1st were paid a $0.44 dividend. The ex-dividend date of this dividend was Thursday, February 29th. This represents a $1.76 annualized dividend and a yield of 2.77%. This is a boost from Molson Coors Beverage’s previous quarterly dividend of $0.41. Molson Coors Beverage’s payout ratio is presently 40.37%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Citigroup downgraded Molson Coors Beverage from a “neutral” rating to a “sell” rating and cut their target price for the company from $66.00 to $56.00 in a research note on Wednesday, April 24th. The Goldman Sachs Group upgraded Molson Coors Beverage from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $66.00 to $75.00 in a report on Tuesday, April 9th. TheStreet raised Molson Coors Beverage from a “c” rating to a “b-” rating in a research report on Tuesday, February 13th. Barclays raised their price target on shares of Molson Coors Beverage from $65.00 to $67.00 and gave the company an “equal weight” rating in a report on Friday, April 12th. Finally, Piper Sandler assumed coverage on Molson Coors Beverage in a report on Friday, March 22nd. They issued a “neutral” rating and a $69.00 price objective for the company. Two investment 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’s stock. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and a consensus target price of $68.07.

Insiders Place Their Bets

In other news, CFO Tracey Joubert sold 2,771 shares of Molson Coors Beverage stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $60.37, for a total value of $167,285.27. Following the sale, the chief financial officer now directly owns 60,538 shares of the company’s stock, valued at $3,654,679.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.71% of the company’s stock.

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.