Kentucky Retirement Systems Sells 1,462 Shares of Molson Coors Beverage (NYSE:TAP)

Kentucky Retirement Systems lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 10.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 12,240 shares of the company’s stock after selling 1,462 shares during the period. Kentucky Retirement Systems’ holdings in Molson Coors Beverage were worth $704,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Farther Finance Advisors LLC boosted its holdings in shares of Molson Coors Beverage by 11.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,720 shares of the company’s stock valued at $99,000 after buying an additional 182 shares in the last quarter. Perpetual Ltd raised its position in shares of Molson Coors Beverage by 1.0% in the 3rd quarter. Perpetual Ltd now owns 20,543 shares of the company’s stock worth $1,182,000 after purchasing an additional 197 shares during the last quarter. SkyView Investment Advisors LLC raised its position in shares of Molson Coors Beverage by 1.8% in the 2nd quarter. SkyView Investment Advisors LLC now owns 15,102 shares of the company’s stock worth $768,000 after purchasing an additional 274 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Molson Coors Beverage by 0.9% in the 3rd quarter. Private Advisor Group LLC now owns 32,080 shares of the company’s stock worth $1,845,000 after purchasing an additional 277 shares during the last quarter. Finally, Focus Financial Network Inc. raised its position in shares of Molson Coors Beverage by 7.0% in the 3rd quarter. Focus Financial Network Inc. now owns 4,276 shares of the company’s stock worth $246,000 after purchasing an additional 280 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Wall Street Analyst Weigh In

TAP has been the subject of several recent analyst reports. UBS Group lifted their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Barclays lifted their price target on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. TD Cowen lowered their price target on 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 Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $60.31.

Molson Coors Beverage Price Performance

NYSE TAP opened at $60.80 on Wednesday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week 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 company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a 50-day moving average price of $56.47 and a 200-day moving average price of $54.37.

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

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.