Acadian Asset Management LLC trimmed its stake in shares of Molson Coors Beverage (NYSE:TAP) by 16.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 157,753 shares of the company’s stock after selling 32,161 shares during the quarter. Acadian Asset Management LLC owned about 0.07% of Molson Coors Beverage worth $5,294,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Molson Coors Beverage by 103.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 83,062 shares of the company’s stock valued at $2,854,000 after acquiring an additional 42,271 shares during the period. Valeo Financial Advisors LLC raised its holdings in shares of Molson Coors Beverage by 60.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 787 shares of the company’s stock worth $27,000 after buying an additional 298 shares in the last quarter. CSat Investment Advisory L.P. raised its holdings in shares of Molson Coors Beverage by 72.1% during the 2nd quarter. CSat Investment Advisory L.P. now owns 2,334 shares of the company’s stock worth $80,000 after buying an additional 978 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Molson Coors Beverage by 54.0% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,098,503 shares of the company’s stock worth $37,745,000 after buying an additional 384,990 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its holdings in shares of Molson Coors Beverage by 0.6% during the 2nd quarter. Mn Services Vermogensbeheer B.V. now owns 161,889 shares of the company’s stock worth $5,563,000 after buying an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 74.19% of the company’s stock.
In other Molson Coors Beverage news, Director James A. Winnefeld, Jr. bought 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were bought at an average price of $36.90 per share, for a total transaction of $36,900.00. Also, Director Louis Vachon bought 3,000 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average price of $35.28 per share, for a total transaction of $105,840.00. Following the transaction, the director now owns 26,467 shares in the company, valued at $933,755.76. The disclosure for this purchase can be found here. Corporate insiders own 2.43% of the company’s stock.
Shares of TAP stock opened at $43.56 on Friday. The stock has a market cap of $17.68 billion, a price-to-earnings ratio of -58.08, a PEG ratio of 1.58 and a beta of 0.97. The stock has a 50-day moving average of $37.32 and a 200-day moving average of $36.99. The company has a current ratio of 0.67, a quick ratio of 0.50 and a debt-to-equity ratio of 0.61. Molson Coors Beverage has a 1-year low of $32.11 and a 1-year high of $61.94.
Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings results on Thursday, October 29th. The company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.60. The company had revenue of $2.75 billion during the quarter, compared to analysts’ expectations of $2.66 billion. Molson Coors Beverage had a positive return on equity of 7.18% and a negative net margin of 1.33%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.48 earnings per share. Sell-side analysts forecast that Molson Coors Beverage will post 3.67 earnings per share for the current year.
A number of research firms have recently commented on TAP. TheStreet raised Molson Coors Beverage from a “d+” rating to a “c” rating in a report on Thursday, October 29th. Zacks Investment Research raised Molson Coors Beverage from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Tuesday, November 3rd. Morgan Stanley lowered their price target on Molson Coors Beverage from $41.00 to $38.00 and set an “equal weight” rating for the company in a report on Wednesday, October 14th. Guggenheim upped their target price on Molson Coors Beverage from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Wednesday, October 7th. Finally, ValuEngine cut Molson Coors Beverage from a “sell” rating to a “strong sell” rating in a report on Thursday, August 6th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $46.62.
About Molson Coors Beverage
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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