Molson Coors Beverage Company (NYSE:TAP) Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its stake in Molson Coors Beverage Company (NYSE:TAP) by 50.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 240,872 shares of the company’s stock after selling 244,234 shares during the period. Citigroup Inc. owned 0.12% of Molson Coors Beverage worth $14,662,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Golden State Wealth Management LLC lifted its position in Molson Coors Beverage by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 416 shares of the company’s stock worth $25,000 after purchasing an additional 290 shares during the period. Millstone Evans Group LLC lifted its holdings in shares of Molson Coors Beverage by 151.8% in the first quarter. Millstone Evans Group LLC now owns 423 shares of the company’s stock valued at $26,000 after buying an additional 255 shares during the period. Financial Management Professionals Inc. lifted its holdings in shares of Molson Coors Beverage by 3,286.7% in the first quarter. Financial Management Professionals Inc. now owns 508 shares of the company’s stock valued at $31,000 after buying an additional 493 shares during the period. Eastern Bank bought a new position in Molson Coors Beverage during the first quarter valued at about $33,000. Finally, CoreCap Advisors LLC grew its holdings in Molson Coors Beverage by 10,716.7% during the fourth quarter. CoreCap Advisors LLC now owns 649 shares of the company’s stock worth $37,000 after acquiring an additional 643 shares during the period. 78.46% of the stock is currently owned by institutional investors.

Molson Coors Beverage Stock Down 0.8%

Molson Coors Beverage stock opened at $51.28 on Friday. Molson Coors Beverage Company has a twelve month low of $46.94 and a twelve month high of $64.66. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.67 and a current ratio of 0.95. The firm has a market cap of $10.37 billion, a PE ratio of 10.11, a P/E/G ratio of 1.88 and a beta of 0.67. The firm’s 50 day moving average price is $49.80 and its two-hundred day moving average price is $55.02.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.83 by $0.22. Molson Coors Beverage had a net margin of 7.81% and a return on equity of 8.61%. The business had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same period in the previous year, the company posted $1.92 EPS. Molson Coors Beverage’s revenue was down 1.6% on a year-over-year basis. On average, research analysts predict that Molson Coors Beverage Company will post 6.35 EPS for the current fiscal year.

Molson Coors Beverage Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 3.7%. Molson Coors Beverage’s dividend payout ratio (DPR) is 37.08%.

Analysts Set New Price Targets

TAP has been the subject of a number of research analyst reports. Piper Sandler cut their price target on shares of Molson Coors Beverage from $58.00 to $53.00 and set a “neutral” rating for the company in a report on Monday, June 23rd. Citigroup reduced their target price on shares of Molson Coors Beverage from $56.00 to $51.00 and set a “neutral” rating for the company in a report on Tuesday, July 15th. Wall Street Zen cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a report on Saturday, May 17th. Bank of America lowered Molson Coors Beverage from a “buy” rating to a “neutral” rating and cut their target price for the stock from $65.00 to $50.00 in a research report on Friday, June 27th. Finally, Needham & Company LLC reduced their target price on Molson Coors Beverage from $65.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage has a consensus rating of “Hold” and an average price target of $58.12.

Insider Buying and Selling at Molson Coors Beverage

In related news, Director Geoffrey E. Molson sold 1,333 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $56.29, for a total value of $75,034.57. Following the completion of the sale, the director owned 27,595 shares of the company’s stock, valued at approximately $1,553,322.55. The trade was a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.71% of the stock is owned by company insiders.

Molson Coors Beverage Company 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, spirits and energy, and ready to drink beverages.