Victory Capital Management Inc. Grows Stake in Molson Coors Beverage (NYSE:TAP)

Victory Capital Management Inc. grew its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 92.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 434,047 shares of the company’s stock after buying an additional 208,974 shares during the period. Victory Capital Management Inc.’s holdings in Molson Coors Beverage were worth $24,966,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Avantax Advisory Services Inc. purchased a new position in Molson Coors Beverage during the 1st quarter valued at $254,000. Kingsview Wealth Management LLC purchased a new position in shares of Molson Coors Beverage during the first quarter valued at about $219,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in Molson Coors Beverage by 105.0% in the first 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. O Shaughnessy Asset Management LLC lifted its holdings in Molson Coors Beverage by 3.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 199,296 shares of the company’s stock worth $13,403,000 after buying an additional 6,864 shares during the period. Finally, Seven Eight Capital LP bought a new stake in Molson Coors Beverage during the 1st quarter valued at approximately $381,000. Institutional investors own 78.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on TAP shares. Deutsche Bank Aktiengesellschaft increased their target price on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and raised their price objective for the company from $52.00 to $74.00 in a research report on Friday, November 8th. UBS Group upped their target price on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen lowered their price target on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Finally, Barclays upped 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, November 11th. 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 stock. Based on data from MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and an average target price of $60.31.

Molson Coors Beverage Stock Down 0.5 %

Molson Coors Beverage stock opened at $62.42 on Monday. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a fifty day simple moving average of $56.23 and a two-hundred day simple moving average of $54.32. 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 $12.93 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 2.42 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, topping analysts’ consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. Molson Coors Beverage’s revenue was down 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.92 EPS. Equities analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

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.