Kentucky Retirement Systems Insurance Trust Fund Sells 663 Shares of Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems Insurance Trust Fund decreased its position in shares of Molson Coors Beverage (NYSE:TAP) by 11.3% in the 3rd quarter, Holdings Channel reports. The fund owned 5,202 shares of the company’s stock after selling 663 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Molson Coors Beverage were worth $299,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in TAP. Avantax Advisory Services Inc. purchased a new stake in Molson Coors Beverage during the 1st quarter worth about $254,000. Kingsview Wealth Management LLC purchased a new stake in Molson Coors Beverage during the 1st quarter worth about $219,000. Seven Eight Capital LP purchased a new stake in Molson Coors Beverage during the 1st quarter worth about $381,000. UniSuper Management Pty Ltd lifted its holdings in Molson Coors Beverage by 563.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 16,359 shares of the company’s stock worth $1,100,000 after purchasing an additional 13,892 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in Molson Coors Beverage by 390.1% during the 1st quarter. Bessemer Group Inc. now owns 32,612 shares of the company’s stock worth $2,193,000 after purchasing an additional 25,958 shares in the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $60.80 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. The firm has a market capitalization of $12.53 billion, a P/E ratio of 13.69, a PEG ratio of 2.42 and a beta of 0.82. The business has a fifty day moving average of $56.47 and a 200 day moving average of $54.37.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the company posted $1.92 earnings per share. Molson Coors Beverage’s revenue for the quarter was down 7.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Molson Coors Beverage will post 5.78 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TAP. JPMorgan Chase & Co. raised their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, October 18th. TD Cowen lowered their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft increased their price objective on Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Barclays increased their price objective on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $60.31.

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.