KBC Group NV Sells 1,612,355 Shares of Molson Coors Beverage (NYSE:TAP)

KBC Group NV lessened its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 77.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 480,737 shares of the company's stock after selling 1,612,355 shares during the quarter. KBC Group NV owned approximately 0.23% of Molson Coors Beverage worth $27,652,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TAP. Farther Finance Advisors LLC boosted its position in Molson Coors Beverage by 11.8% in the third quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company's stock worth $99,000 after purchasing an additional 182 shares during the last quarter. Perpetual Ltd boosted its holdings in shares of Molson Coors Beverage by 1.0% in the 3rd quarter. Perpetual Ltd now owns 20,543 shares of the company's stock worth $1,182,000 after buying an additional 197 shares during the last quarter. SkyView Investment Advisors LLC boosted its holdings in shares of Molson Coors Beverage by 1.8% in the 2nd quarter. SkyView Investment Advisors LLC now owns 15,102 shares of the company's stock worth $768,000 after buying an additional 274 shares during the last quarter. Private Advisor Group LLC increased its holdings in Molson Coors Beverage by 0.9% during the third quarter. Private Advisor Group LLC now owns 32,080 shares of the company's stock worth $1,845,000 after buying an additional 277 shares during the last quarter. Finally, Focus Financial Network Inc. grew its position in shares of Molson Coors Beverage by 7.0% during the 3rd quarter. Focus Financial Network Inc. now owns 4,276 shares of the company's stock valued at $246,000 after acquiring an additional 280 shares during the period. Institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TAP. Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and lifted their price objective for the stock from $52.00 to $74.00 in a report on Friday, November 8th. UBS Group raised their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Hsbc Global Res cut Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their price objective 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $60.31.

Molson Coors Beverage Trading Down 0.5 %

Shares of NYSE TAP traded down $0.31 during trading hours on Friday, hitting $62.42. The company's stock had a trading volume of 2,245,599 shares, compared to its average volume of 1,920,839. The stock has a market cap of $12.93 billion, a price-to-earnings ratio of 14.06, a P/E/G ratio of 2.48 and a beta of 0.82. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The business has a 50-day simple moving average of $56.23 and a 200-day simple moving average of $54.34. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99.

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 (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.92 EPS. On average, analysts anticipate that Molson Coors Beverage will post 5.77 earnings per share for the current fiscal year.

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.