Zurcher Kantonalbank Zurich Cantonalbank Sells 164,896 Shares of Molson Coors Beverage (NYSE:TAP)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in Molson Coors Beverage (NYSE:TAP) by 44.6% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 205,037 shares of the company’s stock after selling 164,896 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.10% of Molson Coors Beverage worth $11,794,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Family Firm Inc. purchased a new stake in shares of Molson Coors Beverage in the 2nd quarter worth approximately $26,000. Altshuler Shaham Ltd purchased a new stake in shares of Molson Coors Beverage in the second quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in shares of Molson Coors Beverage during the third quarter valued at $35,000. GPS Wealth Strategies Group LLC raised its position in shares of Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock worth $33,000 after purchasing an additional 294 shares during the last quarter. Finally, Gladius Capital Management LP bought a new position in Molson Coors Beverage in the 3rd quarter worth about $42,000. Institutional investors own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

TAP has been the subject of several recent analyst reports. UBS Group lifted their target price on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Barclays upped their price objective on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price target for the company from $52.00 to $74.00 in a report on Friday, November 8th. Finally, 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 report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Molson Coors Beverage presently has an average rating of “Hold” and a consensus target price of $60.00.

Molson Coors Beverage Stock Up 1.3 %

Shares of TAP stock opened at $62.06 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a market cap of $12.79 billion, a P/E ratio of 13.98, a P/E/G ratio of 2.37 and a beta of 0.82. The company has a 50 day simple moving average of $57.43 and a two-hundred day simple moving average of $54.57.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping 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 return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.92 EPS. On average, research analysts expect that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Molson Coors Beverage Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 2.84%. Molson Coors Beverage’s payout ratio is currently 39.64%.

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.