Great West Life Assurance Co. Can raised its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 1.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 164,146 shares of the company’s stock after buying an additional 2,346 shares during the period. Great West Life Assurance Co. Can’s holdings in Molson Coors Beverage were worth $5,508,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Squarepoint Ops LLC boosted its position in shares of Molson Coors Beverage by 58.8% during the third quarter. Squarepoint Ops LLC now owns 102,662 shares of the company’s stock worth $3,445,000 after acquiring an additional 38,009 shares during the last quarter. Quinn Opportunity Partners LLC increased its stake in Molson Coors Beverage by 6.9% in the 3rd quarter. Quinn Opportunity Partners LLC now owns 162,198 shares of the company’s stock worth $5,443,000 after buying an additional 10,500 shares during the period. ExodusPoint Capital Management LP increased its position in Molson Coors Beverage by 5.9% during the 3rd quarter. ExodusPoint Capital Management LP now owns 30,198 shares of the company’s stock valued at $1,013,000 after purchasing an additional 1,692 shares during the period. Engineers Gate Manager LP purchased a new position in Molson Coors Beverage during the 3rd quarter valued at about $1,049,000. Finally, Ironwood Investment Counsel LLC increased its position in Molson Coors Beverage by 0.3% during the 3rd quarter. Ironwood Investment Counsel LLC now owns 116,508 shares of the company’s stock valued at $3,910,000 after purchasing an additional 328 shares during the period. 74.19% of the stock is owned by institutional investors and hedge funds.
In other news, Director James A. Winnefeld, Jr. acquired 1,000 shares of the business’s stock in a transaction dated Wednesday, November 4th. The stock was acquired at an average price of $36.90 per share, for a total transaction of $36,900.00. Also, Chairman Andrew Thomas Molson sold 3,238 shares of the company’s stock in a transaction on Tuesday, November 24th. The shares were sold at an average price of $47.12, for a total value of $152,574.56. Following the completion of the sale, the chairman now owns 10,740 shares of the company’s stock, valued at approximately $506,068.80. The disclosure for this sale can be found here. 2.43% of the stock is owned by corporate insiders.
A number of analysts have recently weighed in on the stock. Wells Fargo & Company started coverage on shares of Molson Coors Beverage in a report on Monday, December 7th. They issued an “equal weight” rating and a $51.00 price target on the stock. TheStreet raised shares of Molson Coors Beverage from a “c” rating to a “b-” rating in a report on Tuesday, December 1st. Zacks Investment Research raised shares of Molson Coors Beverage from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Tuesday, November 3rd. Guggenheim lifted their target price on shares of Molson Coors Beverage from $58.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, October 7th. Finally, BidaskClub cut shares of Molson Coors Beverage from a “buy” rating to a “hold” rating in a research report on Wednesday, December 16th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $46.31.
Molson Coors Beverage stock opened at $45.19 on Friday. The stock’s 50 day moving average price is $45.66 and its 200 day moving average price is $38.53. The firm has a market capitalization of $18.34 billion, a PE ratio of -60.25, a price-to-earnings-growth ratio of 1.58 and a beta of 0.97. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.50 and a current ratio of 0.67. Molson Coors Beverage has a one year low of $32.11 and a one year high of $61.94.
Molson Coors Beverage (NYSE:TAP) last announced its earnings results on Thursday, October 29th. The company reported $1.62 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.60. Molson Coors Beverage had a positive return on equity of 7.18% and a negative net margin of 1.33%. The company had revenue of $2.75 billion for the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the company posted $1.48 EPS. Molson Coors Beverage’s quarterly revenue was down 3.1% on a year-over-year basis. On average, analysts forecast that Molson Coors Beverage will post 3.67 earnings per share for the current fiscal year.
Molson Coors Beverage Company Profile
Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products in the United States, Canada, Europe, and internationally. The company sells various products under the Blue Moon, Coors Banquet, Coors Light, Miller Genuine Draft, Miller Lite, Hamm's, Icehouse, Keystone, Mickey's, Miller64, Miller High Life, Milwaukee's Best, Olde English, Steel Reserve, Hop Valley, Leinenkugel's, Peroni Nastro Azurro, Pilsner Urquell, Revolver, Saint Archer, Sol, Terrapin, Crispin, Smith & Forge, Arnold Palmer Spiked, Cape Line, Henry's Hard, Redd's, and Steel Reserve Alloy Series brands.
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