Molson Coors Beverage (NYSE:TAP) Shares Sold by AIA Group Ltd

AIA Group Ltd lessened its stake in Molson Coors Beverage (NYSE:TAP) by 9.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 24,973 shares of the company’s stock after selling 2,607 shares during the quarter. AIA Group Ltd’s holdings in Molson Coors Beverage were worth $1,436,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Nordea Investment Management AB lifted its stake in 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 last quarter. iA Global Asset Management Inc. grew 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 buying an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP raised its stake 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 worth $2,709,000 after acquiring an additional 29,552 shares during the period. Manning & Napier Advisors LLC bought a new position in Molson Coors Beverage in the second quarter worth about $3,842,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted 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 valued at $17,459,000 after acquiring an additional 132,893 shares during the period. Institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

TAP opened at $59.57 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The firm has a market cap of $12.34 billion, a PE ratio of 13.42, a P/E/G ratio of 2.43 and a beta of 0.82. The business has a fifty day simple moving average of $55.57 and a 200-day simple moving average of $54.40. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18.

Molson Coors Beverage (NYSE:TAP) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.65 by $0.15. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The firm had revenue of $3.04 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter last year, the business posted $1.92 EPS. The company’s revenue was down 7.8% on a year-over-year basis. As a group, equities analysts predict that Molson Coors Beverage will post 5.71 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TAP. UBS Group raised their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Jefferies Financial Group decreased their target price on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a research report on Thursday, July 18th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $52.00 to $74.00 in a report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Molson Coors Beverage has an average rating of “Hold” and a consensus target price of $60.15.

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.