Citigroup Inc. Sells 27,634 Shares of Molson Coors Beverage (NYSE:TAP)

Citigroup Inc. lessened its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 10.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 249,911 shares of the company's stock after selling 27,634 shares during the quarter. Citigroup Inc. owned 0.12% of Molson Coors Beverage worth $14,375,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA acquired a new position in shares of Molson Coors Beverage in the third quarter valued at approximately $2,152,000. Integrated Investment Consultants LLC boosted its holdings in Molson Coors Beverage by 4.7% during the third quarter. Integrated Investment Consultants LLC now owns 4,154 shares of the company's stock worth $239,000 after purchasing an additional 185 shares during the last quarter. Thompson Siegel & Walmsley LLC acquired a new position in Molson Coors Beverage during the third quarter worth $48,202,000. Landscape Capital Management L.L.C. acquired a new position in Molson Coors Beverage during the third quarter worth $1,755,000. Finally, Aurora Investment Counsel acquired a new position in Molson Coors Beverage during the third quarter worth $1,100,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on TAP shares. Barclays increased their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an "underweight" rating in a report on Monday, November 11th. BNP Paribas started coverage on shares of Molson Coors Beverage in a report on Monday. They set a "neutral" rating and a $64.00 target price for the company. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and increased their target price for the stock from $52.00 to $74.00 in a report on Friday, November 8th. Piper Sandler increased their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Finally, 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 report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Molson Coors Beverage presently has a consensus rating of "Hold" and a consensus price target of $60.57.

Molson Coors Beverage Stock Performance

Shares of TAP traded down $0.16 during trading hours on Thursday, hitting $61.25. The company had a trading volume of 1,438,031 shares, compared to its average volume of 1,914,909. The firm has a market cap of $12.62 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 2.35 and a beta of 0.82. The business has a fifty day moving average of $57.16 and a 200-day moving average of $54.50. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data 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 net margin of 6.78% and a return on equity of 9.24%. The company's revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.92 earnings per share. Equities analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Molson Coors Beverage Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage's payout ratio is presently 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.