Kentucky Retirement Systems Lowers Stock Position in Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems reduced its stake in Molson Coors Beverage (NYSE:TAP) by 10.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,240 shares of the company’s stock after selling 1,462 shares during the quarter. Kentucky Retirement Systems’ holdings in Molson Coors Beverage were worth $704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of TAP. iA Global Asset Management Inc. raised its stake in shares of Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after acquiring an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP raised its stake in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after acquiring an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Molson Coors Beverage during the second quarter worth approximately $3,842,000. Bessemer Group Inc. raised its stake in shares of Molson Coors Beverage by 390.1% during the first quarter. Bessemer Group Inc. now owns 32,612 shares of the company’s stock worth $2,193,000 after acquiring an additional 25,958 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its stake in shares of Molson Coors Beverage by 28.5% during the first quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock worth $20,895,000 after acquiring an additional 68,900 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on TAP. Barclays lifted their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. TD Cowen decreased their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock 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 stock from $52.00 to $74.00 in a research note on Friday, November 8th. Finally, Hsbc Global Res downgraded shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.31.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $60.80 on Wednesday. The stock has a market cap of $12.53 billion, a P/E ratio of 13.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The firm’s fifty day simple moving average is $56.47 and its 200 day simple moving average is $54.37. Molson Coors Beverage has a twelve month low of $49.19 and a twelve 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) last released its quarterly 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 business had revenue of $3.04 billion for the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.92 earnings per share. As a group, research analysts predict that Molson Coors Beverage will post 5.78 EPS for the current year.

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.