Citigroup Inc. Has $14.38 Million Holdings in Molson Coors Beverage (NYSE:TAP)

Citigroup Inc. lessened its holdings in Molson Coors Beverage (NYSE:TAP) by 10.0% during the third quarter, HoldingsChannel reports. The fund owned 249,911 shares of the company’s stock after selling 27,634 shares during the quarter. Citigroup Inc.’s holdings in Molson Coors Beverage were worth $14,375,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its position in Molson Coors Beverage by 22.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 307,393 shares of the company’s stock worth $20,673,000 after purchasing an additional 56,584 shares in the last quarter. Janus Henderson Group PLC grew its position in Molson Coors Beverage by 144.6% in the 1st quarter. Janus Henderson Group PLC now owns 73,909 shares of the company’s stock worth $4,969,000 after purchasing an additional 43,696 shares in the last quarter. Comerica Bank grew its position in Molson Coors Beverage by 4.0% in the 1st quarter. Comerica Bank now owns 105,098 shares of the company’s stock worth $7,068,000 after purchasing an additional 4,079 shares in the last quarter. iA Global Asset Management Inc. grew its position in Molson Coors Beverage by 117.5% in the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after purchasing an additional 17,062 shares in the last quarter. Finally, Swedbank AB bought a new stake in Molson Coors Beverage in the 1st quarter worth about $6,997,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 0.3 %

TAP opened at $61.23 on Thursday. The company has a 50 day moving average of $57.05 and a 200 day moving average of $54.46. The company has a market cap of $12.61 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 2.35 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 current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping the consensus estimate of $1.67 by $0.13. The company had revenue of $3.04 billion during 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%. Molson Coors Beverage’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.92 EPS. On average, sell-side analysts expect that Molson Coors Beverage will post 5.78 EPS for the current year.

Molson Coors Beverage Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 2.87%. The ex-dividend date is Friday, December 6th. Molson Coors Beverage’s dividend payout ratio is presently 39.64%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. TD Cowen reduced their price objective on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. UBS Group upped their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. BNP Paribas assumed coverage on shares of Molson Coors Beverage in a research report on Monday. They set a “neutral” rating and a $64.00 target price for the company. Finally, Barclays increased their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus price target of $60.57.

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.