Truist Financial Corp Trims Stake in Molson Coors Beverage (NYSE:TAP)

Truist Financial Corp lessened its stake in shares of Molson Coors Beverage (NYSE:TAP) by 50.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,978 shares of the company’s stock after selling 4,096 shares during the period. Truist Financial Corp’s holdings in Molson Coors Beverage were worth $262,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Scissortail Wealth Management LLC acquired a new position in shares of Molson Coors Beverage in the 1st quarter valued at $1,976,573,000. Private Trust Co. NA increased its holdings in shares of Molson Coors Beverage by 125.4% during the 2nd quarter. Private Trust Co. NA now owns 444 shares of the company’s stock worth $29,000 after buying an additional 247 shares during the last quarter. Hanseatic Management Services Inc. purchased a new position in shares of Molson Coors Beverage during the 2nd quarter worth approximately $39,000. Steward Partners Investment Advisory LLC boosted its position in Molson Coors Beverage by 85.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 650 shares of the company’s stock valued at $33,000 after buying an additional 300 shares during the period. Finally, V Square Quantitative Management LLC purchased a new stake in shares of Molson Coors Beverage during the 2nd quarter worth $44,000. Hedge funds and other institutional investors own 73.95% of the company’s stock.

Analyst Ratings Changes

TAP has been the topic of a number of recent analyst reports. StockNews.com started coverage on shares of Molson Coors Beverage in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft upgraded shares of Molson Coors Beverage from a “sell” rating to a “hold” rating and raised their price target for the stock from $57.00 to $58.00 in a research report on Friday, November 3rd. Barclays lowered their target price on shares of Molson Coors Beverage from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 12th. The Goldman Sachs Group raised their target price on shares of Molson Coors Beverage from $61.00 to $69.00 and gave the stock a “neutral” rating in a report on Thursday, July 20th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Molson Coors Beverage from $72.00 to $69.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 2nd. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $65.50.

Molson Coors Beverage Stock Performance

NYSE:TAP opened at $58.50 on Tuesday. The company has a market cap of $12.62 billion, a price-to-earnings ratio of 50.87, a price-to-earnings-growth ratio of 1.08 and a beta of 0.92. The company has a fifty day simple moving average of $60.67 and a two-hundred day simple moving average of $63.45. Molson Coors Beverage has a 52 week low of $48.49 and a 52 week high of $70.90. The company has a quick ratio of 0.53, a current ratio of 0.73 and a debt-to-equity ratio of 0.39.

Molson Coors Beverage Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, November 30th. Molson Coors Beverage’s dividend payout ratio is presently 142.61%.

Molson Coors Beverage Profile

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.