Molson Coors Beverage (NYSE:TAP) Position Cut by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Molson Coors Beverage (NYSE:TAP) by 8.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 371,738 shares of the company’s stock after selling 32,672 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.18% of Molson Coors Beverage worth $21,382,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TAP. Farther Finance Advisors LLC increased its holdings in shares of Molson Coors Beverage by 11.8% during the third quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company’s stock valued at $99,000 after purchasing an additional 182 shares during the period. Perpetual Ltd increased its stake in Molson Coors Beverage by 1.0% during the 3rd quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock valued at $1,182,000 after buying an additional 197 shares during the period. SkyView Investment Advisors LLC raised its position in shares of Molson Coors Beverage by 1.8% during 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 in the last quarter. Private Advisor Group LLC lifted its stake in shares of Molson Coors Beverage by 0.9% in the 3rd quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock worth $1,845,000 after acquiring an additional 277 shares during the period. Finally, Focus Financial Network Inc. lifted its stake in shares of Molson Coors Beverage by 7.0% in the 3rd quarter. Focus Financial Network Inc. now owns 4,276 shares of the company’s stock worth $246,000 after acquiring an additional 280 shares during the period. Institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TAP shares. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. UBS Group lifted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, 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 report on Monday, November 11th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $60.31.

Molson Coors Beverage Price Performance

Shares of NYSE:TAP opened at $62.42 on Monday. The company’s fifty day moving average is $56.23 and its two-hundred day moving average is $54.32. The company has a market cap of $12.93 billion, a P/E ratio of 14.06, a price-to-earnings-growth ratio of 2.42 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 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 issued its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share 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 return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’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 company posted $1.92 earnings per share. Equities analysts expect that Molson Coors Beverage will post 5.78 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.