Raymond James & Associates Cuts Stock Position in Molson Coors Beverage (NYSE:TAP)

Raymond James & Associates cut its holdings in Molson Coors Beverage (NYSE:TAP) by 25.9% in the third quarter, Holdings Channel reports. The institutional investor owned 475,106 shares of the company’s stock after selling 165,909 shares during the quarter. Raymond James & Associates’ holdings in Molson Coors Beverage were worth $27,328,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Blue Trust Inc. increased its position in shares of Molson Coors Beverage by 63.3% in the third quarter. Blue Trust Inc. now owns 2,951 shares of the company’s stock valued at $170,000 after buying an additional 1,144 shares in the last quarter. Claro Advisors LLC acquired a new stake in shares of Molson Coors Beverage in the third quarter worth approximately $1,799,000. V Square Quantitative Management LLC boosted its stake in shares of Molson Coors Beverage by 7.5% in the third quarter. V Square Quantitative Management LLC now owns 5,344 shares of the company’s stock worth $307,000 after acquiring an additional 371 shares during the last quarter. Randolph Co Inc acquired a new stake in shares of Molson Coors Beverage in the third quarter worth approximately $21,754,000. Finally, Inlet Private Wealth LLC boosted its stake in shares of Molson Coors Beverage by 4.7% in the third quarter. Inlet Private Wealth LLC now owns 47,770 shares of the company’s stock worth $2,748,000 after acquiring an additional 2,150 shares during the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Molson Coors Beverage Price Performance

NYSE:TAP opened at $56.10 on Friday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. 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 company has a market capitalization of $11.89 billion, a P/E ratio of 11.22, a P/E/G ratio of 2.35 and a beta of 0.81. The stock’s fifty day moving average is $55.04 and its two-hundred day moving average is $55.11.

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

Analyst Ratings Changes

TAP has been the topic of a number of research analyst reports. UBS Group lifted their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Citigroup lowered their price target on Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating on the stock in a research note on Wednesday, July 10th. 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 research note on Thursday, July 18th. Piper Sandler boosted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective 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 research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target 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.