Verdence Capital Advisors LLC Raises Position in Molson Coors Beverage (NYSE:TAP)

Verdence Capital Advisors LLC lifted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 6.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,696 shares of the company’s stock after acquiring an additional 404 shares during the period. Verdence Capital Advisors LLC’s holdings in Molson Coors Beverage were worth $385,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. iA Global Asset Management Inc. increased its holdings in Molson Coors Beverage by 117.5% during the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after purchasing an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP lifted its stake in Molson Coors Beverage by 124.5% in the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock valued at $2,709,000 after buying an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Molson Coors Beverage during the 2nd quarter valued at about $3,842,000. Mitsubishi UFJ Trust & Banking Corp grew its holdings in Molson Coors Beverage by 105.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company’s stock worth $17,459,000 after buying an additional 132,893 shares in the last quarter. Finally, Sei Investments Co. grew its stake in shares of Molson Coors Beverage by 36.2% in the first quarter. Sei Investments Co. now owns 197,541 shares of the company’s stock worth $13,285,000 after purchasing an additional 52,523 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP opened at $60.50 on Tuesday. The firm has a market cap of $12.53 billion, a PE ratio of 13.63, a PEG ratio of 2.60 and a beta of 0.82. Molson Coors Beverage has a 12-month low of $49.19 and a 12-month high of $69.18. The company has a quick ratio of 0.75, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average price is $55.70 and its two-hundred day moving average price is $54.25.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the firm earned $1.92 EPS. The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. Equities research analysts predict that Molson Coors Beverage will post 5.74 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. UBS Group lifted their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler upped their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Jefferies Financial Group decreased their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research report on Thursday, July 18th. TD Cowen lowered their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Finally, Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $52.00 to $74.00 in a research note on Friday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $60.31.

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.