State of Alaska Department of Revenue Sells 11,195 Shares of Molson Coors Beverage (NYSE:TAP)

State of Alaska Department of Revenue cut its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 27.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,097 shares of the company’s stock after selling 11,195 shares during the period. State of Alaska Department of Revenue’s holdings in Molson Coors Beverage were worth $1,730,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nordea Investment Management AB increased its stake in shares of Molson Coors Beverage by 153.7% in the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company’s stock valued at $1,730,000 after buying an additional 15,648 shares in the last quarter. iA Global Asset Management Inc. raised its stake in shares of Molson Coors Beverage by 117.5% in the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company’s stock worth $2,124,000 after acquiring an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP lifted its position in shares of Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company’s stock worth $2,709,000 after purchasing an additional 29,552 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Molson Coors Beverage during the second quarter valued at approximately $3,842,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of 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 valued at $17,459,000 after purchasing an additional 132,893 shares in the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TAP has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Bank of America decreased their price target on Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Wednesday, July 10th. TD Cowen dropped their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a report on Tuesday, October 8th. Piper Sandler raised their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group dropped their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research note on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage has a consensus rating of “Hold” and an average price target of $59.43.

Molson Coors Beverage Stock Up 1.0 %

Shares of NYSE:TAP opened at $55.00 on Friday. The company has a 50 day moving average price of $55.25 and a two-hundred day moving average price of $54.64. 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 company has a market capitalization of $11.39 billion, a PE ratio of 10.07, a PEG ratio of 2.42 and a beta of 0.81. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.68 by $0.24. The business had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.18 billion. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The firm’s quarterly revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 EPS. Analysts forecast that Molson Coors Beverage will post 5.71 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.