Allworth Financial LP Acquires 297 Shares of Molson Coors Beverage (NYSE:TAP)

Allworth Financial LP increased its stake in shares of Molson Coors Beverage (NYSE:TAP) by 33.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,179 shares of the company’s stock after buying an additional 297 shares during the period. Allworth Financial LP’s holdings in Molson Coors Beverage were worth $68,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TAP. Family Firm Inc. bought a new stake in shares of Molson Coors Beverage during the second quarter valued at approximately $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage in the 2nd quarter valued at $27,000. Crewe Advisors LLC bought a new position in Molson Coors Beverage in the 1st quarter valued at $43,000. GPS Wealth Strategies Group LLC increased its stake in shares of Molson Coors Beverage by 83.8% in the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after buying an additional 294 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Molson Coors Beverage by 153.7% during the first quarter. Geneos Wealth Management Inc. now owns 982 shares of the company’s stock worth $66,000 after acquiring an additional 595 shares during the last quarter. Institutional investors and hedge funds own 78.46% of the company’s stock.

Wall Street Analysts Forecast Growth

TAP has been the topic of several recent research reports. UBS Group raised their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Piper Sandler lifted their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. TD Cowen cut their price objective 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. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Three 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $59.43.

Molson Coors Beverage Price Performance

Shares of TAP opened at $54.48 on Friday. The stock has a 50 day simple moving average of $55.21 and a 200 day simple moving average of $54.71. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. The firm has a market capitalization of $11.29 billion, a PE ratio of 9.98, a P/E/G ratio of 2.35 and a beta of 0.81.

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