Truist Financial Corp Sells 379,841 Shares of Molson Coors Beverage (NYSE:TAP)

Truist Financial Corp cut its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 78.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 101,456 shares of the company's stock after selling 379,841 shares during the period. Truist Financial Corp's holdings in Molson Coors Beverage were worth $5,815,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Thompson Siegel & Walmsley LLC bought a new stake in shares of Molson Coors Beverage during the 3rd quarter valued at $48,202,000. State Street Corp boosted its holdings in shares of Molson Coors Beverage by 8.4% during the 3rd quarter. State Street Corp now owns 8,792,196 shares of the company's stock valued at $505,727,000 after purchasing an additional 681,757 shares during the last quarter. Invenomic Capital Management LP grew its holdings in Molson Coors Beverage by 131.1% during the 3rd quarter. Invenomic Capital Management LP now owns 519,377 shares of the company's stock valued at $29,875,000 after buying an additional 294,596 shares in the last quarter. AustralianSuper Pty Ltd increased its position in Molson Coors Beverage by 149.1% in the third quarter. AustralianSuper Pty Ltd now owns 376,424 shares of the company's stock worth $21,652,000 after purchasing an additional 225,296 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Molson Coors Beverage by 92.8% during the 3rd quarter. Victory Capital Management Inc. now owns 434,047 shares of the company's stock valued at $24,966,000 after buying an additional 208,974 shares in the last quarter. Institutional investors own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

TAP has been the topic of several research reports. Citigroup upgraded Molson Coors Beverage from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $47.00 to $57.00 in a report on Wednesday, February 5th. Hsbc Global Res downgraded shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a report on Friday, November 8th. Barclays raised their price target on shares of Molson Coors Beverage from $48.00 to $56.00 and gave the company an "underweight" rating in a report on Tuesday, February 18th. Needham & Company LLC reiterated a "buy" rating and set a $72.00 price objective on shares of Molson Coors Beverage in a research note on Wednesday, February 12th. Finally, UBS Group lifted their price target on shares of Molson Coors Beverage from $58.00 to $63.00 and gave the stock a "neutral" rating in a report on Friday, February 14th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $63.27.

Molson Coors Beverage Trading Up 1.3 %

Shares of NYSE:TAP traded up $0.80 during trading on Wednesday, hitting $61.62. 1,248,340 shares of the company's stock were exchanged, compared to its average volume of 2,022,363. The firm has a 50-day moving average price of $56.47 and a two-hundred day moving average price of $56.75. The firm has a market cap of $12.69 billion, a P/E ratio of 11.52, a PEG ratio of 1.52 and a beta of 0.85. The company has a current ratio of 0.94, a quick ratio of 0.70 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, February 13th. The company reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.13. Molson Coors Beverage had a net margin of 8.17% and a return on equity of 9.34%. The firm had revenue of $2.74 billion for the quarter, compared to analysts' expectations of $2.71 billion. Equities analysts predict that Molson Coors Beverage will post 6.35 earnings per share for the current year.

Molson Coors Beverage Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Thursday, February 27th will be paid a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a yield of 3.05%. This is a boost from Molson Coors Beverage's previous quarterly dividend of $0.44. The ex-dividend date is Thursday, February 27th. Molson Coors Beverage's payout ratio is presently 35.14%.

Molson Coors Beverage 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.