Louisiana State Employees Retirement System Cuts Position in Molson Coors Beverage (NYSE:TAP)

Louisiana State Employees Retirement System cut its stake in Molson Coors Beverage (NYSE:TAP) by 3.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,900 shares of the company’s stock after selling 400 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Molson Coors Beverage were worth $569,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in TAP. Pacer Advisors Inc. increased its holdings in shares of Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock valued at $274,341,000 after acquiring an additional 2,155,842 shares during the period. Capital International Investors increased its holdings in shares of Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock valued at $651,849,000 after acquiring an additional 939,142 shares during the period. Ilex Capital Partners UK LLP purchased a new position in shares of Molson Coors Beverage in the 1st quarter valued at $53,096,000. Millennium Management LLC increased its holdings in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock valued at $38,893,000 after acquiring an additional 645,847 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock valued at $131,130,000 after acquiring an additional 434,685 shares during the period. 78.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TAP has been the topic of several research analyst reports. JPMorgan Chase & Co. boosted their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. UBS Group boosted their target price on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen dropped their target price on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a research note on Tuesday, October 8th. Piper Sandler boosted their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company boosted their target price on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Three 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, the company presently has an average rating of “Hold” and an average price target of $59.43.

Molson Coors Beverage Stock Performance

Shares of TAP opened at $55.98 on Wednesday. The stock has a 50-day moving average of $55.28 and a two-hundred day moving average of $54.46. Molson Coors Beverage has a one year low of $49.19 and a one year high of $69.18. 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 stock has a market cap of $11.60 billion, a P/E ratio of 10.25, a P/E/G ratio of 2.39 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 9.58% and a net margin of 8.27%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 EPS. As a group, research analysts predict that Molson Coors Beverage will post 5.71 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.