Citigroup Inc. Sells 27,634 Shares of Molson Coors Beverage (NYSE:TAP)

Citigroup Inc. lessened its stake in shares of Molson Coors Beverage (NYSE:TAP) by 10.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 249,911 shares of the company’s stock after selling 27,634 shares during the quarter. Citigroup Inc. owned approximately 0.12% of Molson Coors Beverage worth $14,375,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Pacer Advisors Inc. grew its stake in shares of Molson Coors Beverage by 66.5% during 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 grew its stake in shares of Molson Coors Beverage by 20.3% during 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. River Road Asset Management LLC grew its stake in shares of Molson Coors Beverage by 1.8% during the third quarter. River Road Asset Management LLC now owns 1,677,241 shares of the company’s stock worth $96,475,000 after buying an additional 29,315 shares during the last quarter. Thompson Siegel & Walmsley LLC bought a new stake in shares of Molson Coors Beverage in the third quarter worth $48,202,000. Finally, Millennium Management LLC grew 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 purchasing an additional 645,847 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $61.23 on Thursday. The firm’s 50-day moving average price is $57.05 and its 200-day moving average price is $54.46. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The firm has a market capitalization of $12.61 billion, a P/E ratio of 13.79, a P/E/G ratio of 2.35 and a beta of 0.82. 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 announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the business earned $1.92 earnings per share. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. Equities research analysts anticipate that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

Molson Coors Beverage Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on TAP shares. Barclays boosted their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $52.00 to $74.00 in a research note on Friday, November 8th. Hsbc Global Res cut shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Finally, BNP Paribas began coverage on shares of Molson Coors Beverage in a research note on Monday. They issued a “neutral” rating and a $64.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, 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.