Westpac Banking Corp Increases Position in Molson Coors Beverage (NYSE:TAP)

Westpac Banking Corp grew its position in Molson Coors Beverage (NYSE:TAPFree Report) by 7.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,966 shares of the company’s stock after buying an additional 5,181 shares during the quarter. Westpac Banking Corp’s holdings in Molson Coors Beverage were worth $4,772,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Partnership Wealth Management LLC purchased a new stake in Molson Coors Beverage during the fourth quarter worth about $43,000. Boston Partners purchased a new position in Molson Coors Beverage in the 4th quarter valued at approximately $7,743,000. Principal Financial Group Inc. grew its stake in shares of Molson Coors Beverage by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 213,092 shares of the company’s stock worth $13,043,000 after acquiring an additional 884 shares in the last quarter. Jump Financial LLC raised its stake in shares of Molson Coors Beverage by 120.5% in the fourth quarter. Jump Financial LLC now owns 17,500 shares of the company’s stock valued at $1,071,000 after acquiring an additional 9,564 shares in the last quarter. Finally, Teacher Retirement System of Texas boosted its holdings in Molson Coors Beverage by 227.8% in the fourth quarter. Teacher Retirement System of Texas now owns 48,219 shares of the company’s stock valued at $2,951,000 after purchasing an additional 33,508 shares during the period. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Stock Performance

Shares of NYSE:TAP traded down $1.06 during trading on Wednesday, reaching $57.08. The company had a trading volume of 832,627 shares, compared to its average volume of 1,773,582. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69 and a quick ratio of 0.47. The stock’s fifty day moving average price is $64.18 and its 200 day moving average price is $62.39. Molson Coors Beverage has a fifty-two week low of $55.67 and a fifty-two week high of $70.90. The firm has a market capitalization of $12.09 billion, a price-to-earnings ratio of 11.43, a price-to-earnings-growth ratio of 2.12 and a beta of 0.86.

Molson Coors Beverage (NYSE:TAPGet Free Report) last released its earnings results on Tuesday, April 30th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.74 by $0.21. Molson Coors Beverage had a net margin of 7.66% and a return on equity of 9.47%. The company had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter last year, the business earned $0.54 EPS. The business’s revenue was up 10.7% on a year-over-year basis. As a group, equities research analysts predict that Molson Coors Beverage will post 5.68 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TAP. StockNews.com cut Molson Coors Beverage from a “buy” rating to a “hold” rating in a research note on Thursday, May 2nd. Evercore ISI lowered their price target on shares of Molson Coors Beverage from $70.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, May 1st. JPMorgan Chase & Co. reduced their price objective on shares of Molson Coors Beverage from $66.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday, May 1st. The Goldman Sachs Group upgraded shares of Molson Coors Beverage from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $66.00 to $75.00 in a research note on Tuesday, April 9th. Finally, TheStreet upgraded Molson Coors Beverage from a “c” rating to a “b-” rating in a research note on Tuesday, February 13th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $65.53.

Get Our Latest Stock Report on TAP

Molson Coors Beverage Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Molson Coors Beverage (NYSE:TAP)

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