Molson Coors Beverage (NYSE:TAP) Shares Sold by Apollon Wealth Management LLC

Apollon Wealth Management LLC cut its position in Molson Coors Beverage (NYSE:TAP) by 16.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,825 shares of the company’s stock after selling 932 shares during the quarter. Apollon Wealth Management LLC’s holdings in Molson Coors Beverage were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Family Firm Inc. acquired a new position in Molson Coors Beverage in the second quarter valued at $26,000. Altshuler Shaham Ltd acquired a new position in Molson Coors Beverage in the 2nd quarter valued at about $27,000. GPS Wealth Strategies Group LLC raised its stake in Molson Coors Beverage by 83.8% during the 2nd quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company’s stock valued at $33,000 after acquiring an additional 294 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in Molson Coors Beverage during the 3rd quarter worth approximately $35,000. Finally, Crewe Advisors LLC acquired a new stake in Molson Coors Beverage during the 1st quarter worth approximately $43,000. Hedge funds and other institutional investors own 78.46% of the company’s stock.

Molson Coors Beverage Price Performance

Molson Coors Beverage stock opened at $61.89 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm’s 50-day simple moving average is $56.35 and its 200 day simple moving average is $54.35. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18. The firm has a market capitalization of $12.82 billion, a PE ratio of 13.94, a P/E/G ratio of 2.42 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the business earned $1.92 earnings per share. The company’s quarterly revenue was down 7.8% on a year-over-year basis. On average, equities research analysts predict that Molson Coors Beverage will post 5.78 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. TD Cowen cut their price target on 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. Piper Sandler lifted their target price on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. UBS Group increased their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Hsbc Global Res downgraded Molson Coors Beverage from a “hold” rating to a “moderate sell” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $60.31.

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.