Molson Coors Beverage (NYSE:TAP) Stake Lessened by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lessened its stake in Molson Coors Beverage (NYSE:TAP) by 5.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,123 shares of the company’s stock after selling 894 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Molson Coors Beverage were worth $927,000 at the end of the most recent reporting period.

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

Molson Coors Beverage Stock Performance

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

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

Analyst Ratings Changes

Several analysts have weighed in on TAP shares. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $52.00 to $74.00 in a research note on Friday, November 8th. UBS Group boosted their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Piper Sandler boosted their price target 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. Finally, JPMorgan Chase & Co. boosted their price target on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Molson Coors Beverage has an average rating of “Hold” and a consensus target price of $60.31.

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.