Ashton Thomas Securities LLC Takes $35,000 Position in Molson Coors Beverage (NYSE:TAP)

Ashton Thomas Securities LLC bought a new position in shares of Molson Coors Beverage (NYSE:TAP) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 609 shares of the company’s stock, valued at approximately $35,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. iA Global Asset Management Inc. boosted its position in shares of 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 valued at $2,124,000 after acquiring an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP lifted its position 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 valued at $2,709,000 after purchasing an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in Molson Coors Beverage in the 2nd quarter worth approximately $3,842,000. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of 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 during the last quarter. Finally, Sei Investments Co. raised its position in shares of Molson Coors Beverage by 36.2% during the 1st quarter. Sei Investments Co. now owns 197,541 shares of the company’s stock valued at $13,285,000 after buying an additional 52,523 shares in the last quarter. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on TAP shares. JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company upgraded Molson Coors Beverage from an “underweight” rating to an “overweight” rating and increased their price objective for the company from $52.00 to $74.00 in a research report on Friday, November 8th. UBS Group boosted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler increased 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. Finally, Hsbc Global Res lowered shares of Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $60.31.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock opened at $62.75 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The firm has a market cap of $13.00 billion, a P/E ratio of 14.13, a P/E/G ratio of 2.41 and a beta of 0.82. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The firm has a 50-day moving average of $56.10 and a 200-day moving average of $54.37.

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, topping the consensus estimate of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business’s revenue was down 7.8% on a year-over-year basis. During the same quarter last year, the business posted $1.92 EPS. Sell-side analysts expect that Molson Coors Beverage will post 5.74 EPS for the current year.

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.