Molson Coors Beverage (NYSE:TAP) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its position in shares of Molson Coors Beverage (NYSE:TAP) by 9.5% during the third quarter, HoldingsChannel reports. The firm owned 163,820 shares of the company’s stock after selling 17,247 shares during the quarter. New York State Teachers Retirement System’s holdings in Molson Coors Beverage were worth $9,423,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Capital International Investors increased its stake in shares of Molson Coors Beverage by 10.7% in 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 during the last quarter. Pacer Advisors Inc. increased its stake 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 worth $274,341,000 after buying an additional 2,155,842 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Molson Coors Beverage by 20.3% in 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 during the last quarter. Ilex Capital Partners UK LLP bought a new stake in shares of Molson Coors Beverage in the first quarter worth $53,096,000. Finally, Millennium Management LLC increased its stake in shares of Molson Coors Beverage by 541.4% in 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 during the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP stock opened at $55.00 on Monday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $11.39 billion, a P/E ratio of 10.07, a PEG ratio of 2.37 and a beta of 0.82. The company has a 50-day simple moving average of $55.25 and a 200 day simple moving average of $54.58.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period in the prior year, the company earned $1.78 EPS. Molson Coors Beverage’s revenue was down .4% on a year-over-year basis. Sell-side analysts predict that Molson Coors Beverage will post 5.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TAP shares. Bank of America dropped their price target on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Citigroup lowered their target price on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research note on Wednesday, July 10th. Piper Sandler boosted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Jefferies Financial Group lowered their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. Finally, JPMorgan Chase & Co. boosted their target price 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. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $59.43.

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.