Aurora Investment Counsel Takes $1.10 Million Position in Molson Coors Beverage (NYSE:TAP)

Aurora Investment Counsel bought a new stake in Molson Coors Beverage (NYSE:TAP) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 19,119 shares of the company’s stock, valued at approximately $1,100,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. iA Global Asset Management Inc. increased its position in Molson Coors Beverage by 117.5% in 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 in the last quarter. Wakefield Asset Management LLLP increased its position in 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 in the last quarter. Manning & Napier Advisors LLC bought a new stake in Molson Coors Beverage during the 2nd quarter worth approximately $3,842,000. Bessemer Group Inc. increased its holdings in Molson Coors Beverage by 390.1% during the 1st quarter. Bessemer Group Inc. now owns 32,612 shares of the company’s stock worth $2,193,000 after purchasing an additional 25,958 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Molson Coors Beverage by 28.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 310,700 shares of the company’s stock worth $20,895,000 after purchasing an additional 68,900 shares in the last quarter. 78.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

TAP has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company raised Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their target price for the company from $52.00 to $74.00 in a report on Friday, November 8th. Barclays upped their target price on Molson Coors Beverage from $49.00 to $51.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Hsbc Global Res lowered Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a report on Friday, November 8th. Finally, TD Cowen reduced their target price 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. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Molson Coors Beverage has an average rating of “Hold” and a consensus price target of $60.31.

Molson Coors Beverage Price Performance

Molson Coors Beverage stock opened at $60.38 on Thursday. The company has a market cap of $12.44 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 2.42 and a beta of 0.82. The business’s 50 day simple moving average is $56.60 and its 200 day simple moving average is $54.42. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46.

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