Narwhal Capital Management Lowers Position in Molson Coors Beverage (NYSE:TAP)

Narwhal Capital Management reduced its position in shares of Molson Coors Beverage (NYSE:TAP) by 54.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 11,075 shares of the company’s stock after selling 13,485 shares during the period. Narwhal Capital Management’s holdings in Molson Coors Beverage were worth $637,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position in Molson Coors Beverage by 66.5% during the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after purchasing an additional 2,155,842 shares during the period. Capital International Investors grew its holdings in Molson Coors Beverage by 10.7% during the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after acquiring an additional 939,142 shares during the period. Ilex Capital Partners UK LLP acquired a new stake in Molson Coors Beverage in the first quarter valued at $53,096,000. Millennium Management LLC boosted its position in shares of Molson Coors Beverage by 541.4% during the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after purchasing an additional 645,847 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Molson Coors Beverage by 20.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after purchasing an additional 434,685 shares during the period. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Piper Sandler raised their price objective on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company upped their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. UBS Group lifted their price objective on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Bank of America lowered their target price on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.43.

Molson Coors Beverage Stock Performance

NYSE TAP opened at $55.87 on Wednesday. The business’s 50-day moving average price is $54.91 and its 200 day moving average price is $55.10. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a market capitalization of $11.84 billion, a PE ratio of 11.17, a price-to-earnings-growth ratio of 2.35 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The business had revenue of $3.25 billion for the quarter, compared to analysts’ expectations of $3.18 billion. During the same period last year, the company earned $1.78 earnings per share. The company’s quarterly revenue was down .4% on a year-over-year basis. On average, research analysts predict that Molson Coors Beverage will post 5.74 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.