Verdence Capital Advisors LLC Purchases 404 Shares of Molson Coors Beverage (NYSE:TAP)

Verdence Capital Advisors LLC grew its stake in shares of Molson Coors Beverage (NYSE:TAP) by 6.4% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 6,696 shares of the company’s stock after purchasing 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 filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Empowered Funds LLC purchased a new stake in Molson Coors Beverage during the first quarter valued at about $1,334,000. Oppenheimer & Co. Inc. raised its holdings in Molson Coors Beverage by 4.5% during the 1st quarter. Oppenheimer & Co. Inc. now owns 10,673 shares of the company’s stock valued at $718,000 after buying an additional 462 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of Molson Coors Beverage by 36.2% during 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 during the period. QRG Capital Management Inc. boosted its holdings in Molson Coors Beverage by 888.3% in the first quarter. QRG Capital Management Inc. now owns 88,924 shares of the company’s stock valued at $5,980,000 after acquiring an additional 79,926 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in Molson Coors Beverage by 5.4% during the 1st quarter. Russell Investments Group Ltd. now owns 432,245 shares of the company’s stock valued at $29,069,000 after acquiring an additional 22,064 shares in the last quarter. 78.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TAP has been the topic of a number of recent research reports. UBS Group increased their target price 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. Barclays raised their price objective on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday. Piper Sandler raised 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. JPMorgan Chase & Co. upped their price objective 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. Finally, TD Cowen cut their target price on shares of 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.31.

Molson Coors Beverage Stock Performance

Shares of Molson Coors Beverage stock opened at $60.50 on Tuesday. The stock has a market capitalization of $12.53 billion, a price-to-earnings ratio of 13.63, a PEG ratio of 2.60 and a beta of 0.82. The firm’s fifty day simple moving average is $55.70 and its 200-day simple moving average is $54.25. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.99 and a quick ratio of 0.75. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the company posted $1.92 earnings per share. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. As a group, equities analysts forecast that Molson Coors Beverage will post 5.74 earnings per share for the current year.

Molson Coors Beverage Company 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.