Legacy Capital Group California Inc. Makes New $716,000 Investment in Molson Coors Beverage (NYSE:TAP)

Legacy Capital Group California Inc. bought a new position in shares of Molson Coors Beverage (NYSE:TAP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,445 shares of the company’s stock, valued at approximately $716,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TAP. Park Avenue Securities LLC purchased a new position in shares of Molson Coors Beverage in the 1st quarter valued at approximately $383,000. Addenda Capital Inc. increased its stake in Molson Coors Beverage by 4.0% in the 1st quarter. Addenda Capital Inc. now owns 11,405 shares of the company’s stock valued at $767,000 after buying an additional 437 shares during the period. Alpha Omega Wealth Management LLC raised its position in Molson Coors Beverage by 0.5% during the 1st quarter. Alpha Omega Wealth Management LLC now owns 64,264 shares of the company’s stock worth $4,322,000 after buying an additional 303 shares during the last quarter. Aviance Capital Partners LLC lifted its stake in shares of Molson Coors Beverage by 5.6% in the 1st quarter. Aviance Capital Partners LLC now owns 24,665 shares of the company’s stock worth $1,659,000 after acquiring an additional 1,303 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Molson Coors Beverage by 220.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company’s stock worth $32,910,000 after acquiring an additional 336,496 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Shares of Molson Coors Beverage stock opened at $56.10 on Friday. The business’s fifty day moving average price is $55.04 and its 200 day moving average price is $55.11. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.89 billion, a P/E ratio of 11.22, a PEG ratio of 2.35 and a beta of 0.81.

Molson Coors Beverage (NYSE:TAP) last posted its earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the prior year, the company earned $1.78 EPS. The company’s revenue was down .4% on a year-over-year basis. As a group, research analysts anticipate that Molson Coors Beverage will post 5.74 earnings per share for the current year.

Wall Street Analyst Weigh In

TAP has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the company an “underweight” rating in a report on Wednesday, August 7th. Jefferies Financial Group dropped their price objective on 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. Piper Sandler upped their price objective 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. TD Cowen lowered their target price on shares of Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research note on Tuesday, October 8th. Finally, JPMorgan Chase & Co. boosted their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and an average price target of $59.43.

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.