Molson Coors Beverage (NYSE:TAP) Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers trimmed its holdings in Molson Coors Beverage (NYSE:TAP) by 23.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,271 shares of the company’s stock after selling 10,683 shares during the period. Cetera Investment Advisers’ holdings in Molson Coors Beverage were worth $1,742,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in TAP. Truist Financial Corp grew its stake in Molson Coors Beverage by 1.4% in the second quarter. Truist Financial Corp now owns 431,996 shares of the company’s stock worth $21,958,000 after purchasing an additional 5,840 shares in the last quarter. Brandes Investment Partners LP grew its position in shares of Molson Coors Beverage by 20.5% in the 2nd quarter. Brandes Investment Partners LP now owns 67,860 shares of the company’s stock worth $3,448,000 after acquiring an additional 11,522 shares in the last quarter. Quarry LP bought a new stake in shares of Molson Coors Beverage in the 2nd quarter valued at approximately $54,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Molson Coors Beverage by 26.2% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 70,707 shares of the company’s stock valued at $3,594,000 after acquiring an additional 14,661 shares in the last quarter. Finally, Creative Planning lifted its stake in Molson Coors Beverage by 6.5% during the second quarter. Creative Planning now owns 16,472 shares of the company’s stock worth $837,000 after purchasing an additional 1,003 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of research reports. Bank of America dropped their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Company raised their target price on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Jefferies Financial Group lowered their target price on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Citigroup cut their price target on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a report on Wednesday, July 10th. Finally, TD Cowen dropped their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research report on Tuesday, October 8th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and an average price target of $59.21.

Molson Coors Beverage Trading Up 0.7 %

Shares of NYSE:TAP opened at $54.85 on Tuesday. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The firm has a market cap of $11.62 billion, a P/E ratio of 10.97, a P/E/G ratio of 2.35 and a beta of 0.81. The company has a 50 day moving average of $54.57 and a 200-day moving average of $55.60.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.18 billion. During the same period last year, the company posted $1.78 EPS. The firm’s quarterly revenue was down .4% on a year-over-year basis. As a group, analysts anticipate that Molson Coors Beverage will post 5.74 earnings per share for the current fiscal year.

Molson Coors Beverage Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 30th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 3.21%. The ex-dividend date of this dividend was Friday, August 30th. Molson Coors Beverage’s dividend payout ratio (DPR) is presently 35.20%.

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.