KBC Group NV Sells 1,612,355 Shares of Molson Coors Beverage (NYSE:TAP)

KBC Group NV cut its stake in Molson Coors Beverage (NYSE:TAP) by 77.0% in the third quarter, Holdings Channel.com reports. The firm owned 480,737 shares of the company’s stock after selling 1,612,355 shares during the period. KBC Group NV’s holdings in Molson Coors Beverage were worth $27,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also made changes to their positions in TAP. Hourglass Capital LLC raised its position in Molson Coors Beverage by 2.8% in the third quarter. Hourglass Capital LLC now owns 24,205 shares of the company’s stock worth $1,392,000 after purchasing an additional 660 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Molson Coors Beverage by 92.8% in the third quarter. Victory Capital Management Inc. now owns 434,047 shares of the company’s stock valued at $24,966,000 after purchasing an additional 208,974 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Molson Coors Beverage in the 3rd quarter valued at $1,885,000. Loudon Investment Management LLC bought a new stake in Molson Coors Beverage during the 3rd quarter worth about $443,000. Finally, Venturi Wealth Management LLC raised its stake in shares of Molson Coors Beverage by 428.6% during the third quarter. Venturi Wealth Management LLC now owns 2,733 shares of the company’s stock worth $157,000 after buying an additional 2,216 shares during the last quarter. Institutional investors own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

TAP has been the topic of several analyst reports. TD Cowen cut their target price 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. UBS Group lifted their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. 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 report on Monday, November 11th. 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 research note on Friday, October 18th. Finally, Piper Sandler upped their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and a consensus price target of $60.31.

Molson Coors Beverage Stock Performance

TAP opened at $62.42 on Friday. The firm has a market cap of $12.93 billion, a P/E ratio of 14.06, a price-to-earnings-growth ratio of 2.48 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The business’s fifty day moving average is $56.23 and its 200-day moving average is $54.36.

Molson Coors Beverage (NYSE:TAP) last issued 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 company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the company posted $1.92 EPS. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. Sell-side analysts expect that Molson Coors Beverage will post 5.77 EPS for the current fiscal 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.