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

KBC Group NV reduced its position in Molson Coors Beverage (NYSE:TAP) by 30.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 335,243 shares of the company’s stock after selling 145,494 shares during the quarter. KBC Group NV’s holdings in Molson Coors Beverage were worth $19,216,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TAP. Ashton Thomas Securities LLC purchased a new stake in Molson Coors Beverage in the 3rd quarter valued at $35,000. Gladius Capital Management LP purchased a new stake in shares of Molson Coors Beverage in the third quarter valued at about $42,000. True Wealth Design LLC acquired a new stake in shares of Molson Coors Beverage during the third quarter worth about $59,000. Quarry LP purchased a new position in shares of Molson Coors Beverage during the second quarter worth about $54,000. Finally, Allworth Financial LP increased its position in Molson Coors Beverage by 33.7% in the 3rd quarter. Allworth Financial LP now owns 1,179 shares of the company’s stock valued at $68,000 after acquiring an additional 297 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on TAP shares. UBS Group lowered their target price on Molson Coors Beverage from $60.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, January 16th. Needham & Company LLC assumed coverage on shares of Molson Coors Beverage in a research note on Friday, December 6th. They issued a “buy” rating and a $72.00 price objective on the stock. TD Cowen reduced their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their target price for the company from $52.00 to $74.00 in a report on Friday, November 8th. Finally, Bank of America raised shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $70.00 in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus target price of $61.79.

Molson Coors Beverage Stock Performance

TAP opened at $54.85 on Wednesday. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The stock has a market cap of $11.30 billion, a P/E ratio of 12.35, a P/E/G ratio of 2.04 and a beta of 0.86. The stock’s 50 day simple moving average is $58.15 and its 200 day simple moving average is $56.20. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s revenue was down 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.92 earnings per share. As a group, equities analysts anticipate that Molson Coors Beverage will post 5.79 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date was Friday, December 6th. Molson Coors Beverage’s payout ratio is currently 39.64%.

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.