Molson Coors Beverage (NYSE:TAP) Holdings Cut by AIA Group Ltd

AIA Group Ltd reduced its stake in shares of Molson Coors Beverage (NYSE:TAP) by 9.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 24,973 shares of the company’s stock after selling 2,607 shares during the period. AIA Group Ltd’s holdings in Molson Coors Beverage were worth $1,436,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of TAP. Family Firm Inc. acquired a new position in Molson Coors Beverage in the 2nd quarter worth about $26,000. Altshuler Shaham Ltd acquired a new position in Molson Coors Beverage in the second quarter worth approximately $27,000. GPS Wealth Strategies Group LLC raised its position in Molson Coors Beverage by 83.8% during the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after acquiring an additional 294 shares in the last quarter. Crewe Advisors LLC acquired a new stake in Molson Coors Beverage in the first quarter valued at approximately $43,000. Finally, Quarry LP bought a new stake in Molson Coors Beverage in the second quarter worth approximately $54,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Up 5.0 %

Shares of Molson Coors Beverage stock opened at $59.57 on Friday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The firm has a market capitalization of $12.34 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. The company’s fifty day moving average price is $55.57 and its two-hundred day moving average price is $54.40.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.15. The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company’s revenue was down 7.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.92 EPS. On average, analysts expect that Molson Coors Beverage will post 5.71 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on TAP shares. Barclays lifted their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Piper Sandler boosted their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Jefferies Financial Group lowered their price target on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a report on Thursday, July 18th. Finally, Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $52.00 to $74.00 in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Molson Coors Beverage currently has a consensus rating of “Hold” and a consensus target price of $60.15.

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.