Kentucky Retirement Systems Insurance Trust Fund Has $299,000 Stock Position in Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems Insurance Trust Fund lessened its stake in Molson Coors Beverage (NYSE:TAP) by 11.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor 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 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TAP. Avantax Advisory Services Inc. acquired a new position in Molson Coors Beverage in the first quarter valued at about $254,000. Kingsview Wealth Management LLC bought a new position in Molson Coors Beverage in the first quarter valued at about $219,000. Seven Eight Capital LP bought a new position in Molson Coors Beverage in the first quarter valued at about $381,000. UniSuper Management Pty Ltd grew its position in Molson Coors Beverage by 563.1% in the first quarter. UniSuper Management Pty Ltd now owns 16,359 shares of the company’s stock valued at $1,100,000 after acquiring an additional 13,892 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Molson Coors Beverage by 390.1% during the first 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 during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Molson Coors Beverage Stock Down 1.7 %

Shares of NYSE:TAP opened at $60.80 on Wednesday. The company has a market capitalization of $12.53 billion, a PE ratio of 13.69, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.74. The business has a fifty day moving average price of $56.47 and a two-hundred day moving average price of $54.37. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.67 by $0.13. The firm had revenue of $3.04 billion during 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%. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.92 EPS. Analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft boosted their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Piper Sandler lifted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. Finally, UBS Group lifted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and an average 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.