Greenleaf Trust Purchases 1,625 Shares of Molson Coors Beverage (NYSE:TAP)

Greenleaf Trust lifted its position in shares of Molson Coors Beverage (NYSE:TAP) by 22.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 8,825 shares of the company’s stock after buying an additional 1,625 shares during the quarter. Greenleaf Trust’s holdings in Molson Coors Beverage were worth $508,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TAP. Nordea Investment Management AB lifted its holdings in shares of Molson Coors Beverage by 153.7% during the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock worth $1,730,000 after purchasing an additional 15,648 shares during the period. iA Global Asset Management Inc. lifted 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 buying an additional 17,062 shares during the period. Wakefield Asset Management LLLP grew its position in shares of Molson Coors Beverage by 124.5% in the 2nd 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. Allspring Global Investments Holdings LLC increased its stake in shares of Molson Coors Beverage by 220.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock valued at $32,910,000 after buying an additional 336,496 shares during the period. Finally, Manning & Napier Advisors LLC bought a new position in shares of Molson Coors Beverage during the second quarter worth about $3,842,000. Institutional investors and hedge funds own 78.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on TAP shares. UBS Group upped their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Barclays upped their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a research note on Thursday, August 8th. Wells Fargo & Company lifted their target price on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. TD Cowen dropped their target price 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, Jefferies Financial Group decreased their price target on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $59.43.

Molson Coors Beverage Stock Performance

Shares of TAP stock opened at $55.77 on Friday. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm’s 50-day simple moving average is $55.08 and its two-hundred day simple moving average is $55.04. The firm has a market cap of $11.82 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 2.35 and a beta of 0.81. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95.

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