Molson Coors Beverage (NYSE:TAP) Shares Bought by Boston Financial Mangement LLC

Boston Financial Mangement LLC grew its position in shares of Molson Coors Beverage (NYSE:TAP) by 4.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 19,536 shares of the company’s stock after acquiring an additional 827 shares during the period. Boston Financial Mangement LLC’s holdings in Molson Coors Beverage were worth $1,124,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its stake in Molson Coors Beverage by 153.7% during the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock worth $1,730,000 after acquiring an additional 15,648 shares during the last quarter. iA Global Asset Management Inc. increased its stake in Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after acquiring an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP increased its stake in Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after acquiring an additional 29,552 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Molson Coors Beverage by 220.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after acquiring an additional 336,496 shares during the last quarter. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of Molson Coors Beverage in the second quarter valued at about $3,842,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Price Performance

Shares of NYSE TAP opened at $55.78 on Wednesday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The business has a 50 day moving average price of $55.16 and a two-hundred day moving average price of $54.71. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The firm has a market cap of $11.82 billion, a PE ratio of 11.16, 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 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company had revenue of $3.25 billion for the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter last year, the business posted $1.78 EPS. Molson Coors Beverage’s quarterly revenue was down .4% compared to the same quarter last year. Sell-side analysts expect that Molson Coors Beverage will post 5.74 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TAP. Barclays increased their target price on Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. UBS Group increased their target price 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. Citigroup lowered their target price on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research note on Wednesday, July 10th. Piper Sandler increased their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, TD Cowen lowered their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.43.

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, spirits and energy, and ready to drink beverages.