Sumitomo Mitsui Trust Group Inc. Has $21.38 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Sumitomo Mitsui Trust Group Inc. cut its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 8.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 371,738 shares of the company's stock after selling 32,672 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.18% of Molson Coors Beverage worth $21,382,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in TAP. Pacer Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company's stock valued at $274,341,000 after acquiring an additional 2,155,842 shares in the last quarter. Capital International Investors boosted its holdings in Molson Coors Beverage by 10.7% during the first quarter. Capital International Investors now owns 9,692,916 shares of the company's stock worth $651,849,000 after buying an additional 939,142 shares in the last quarter. Ilex Capital Partners UK LLP bought a new stake in Molson Coors Beverage during the first quarter worth approximately $53,096,000. Millennium Management LLC boosted its holdings in Molson Coors Beverage by 541.4% during the second quarter. Millennium Management LLC now owns 765,150 shares of the company's stock worth $38,893,000 after buying an additional 645,847 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company's stock worth $131,130,000 after buying an additional 434,685 shares in the last quarter. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Down 0.8 %

Shares of NYSE:TAP traded down $0.53 during trading on Monday, reaching $61.89. 1,448,339 shares of the company traded hands, compared to its average volume of 1,918,719. The firm has a fifty day simple moving average of $56.35 and a 200 day simple moving average of $54.35. The firm has a market cap of $12.82 billion, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year 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 released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the business earned $1.92 EPS. Molson Coors Beverage's quarterly revenue was down 7.8% compared to the same quarter last year. Analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on TAP. Barclays raised 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. 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. Deutsche Bank Aktiengesellschaft upped their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a research report on Friday, October 18th. Finally, Piper Sandler upped their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $60.31.

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.