M&G Plc Increases Stake in Molson Coors Beverage (NYSE:TAP)

M&G Plc lifted its stake in shares of Molson Coors Beverage (NYSE:TAP) by 18.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 324,093 shares of the company’s stock after buying an additional 50,715 shares during the quarter. M&G Plc’s holdings in Molson Coors Beverage were worth $18,797,000 at the end of the most recent reporting period.

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

Molson Coors Beverage Stock Performance

NYSE TAP opened at $56.72 on Friday. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The business’s 50-day moving average price is $55.46 and its 200 day moving average price is $54.43. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46. The firm has a market cap of $11.75 billion, a P/E ratio of 10.39, a P/E/G ratio of 2.43 and a beta of 0.82.

Molson Coors Beverage (NYSE:TAP) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.24. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The company had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same quarter in the prior year, the firm earned $1.78 EPS. Molson Coors Beverage’s quarterly revenue was down .4% on a year-over-year basis. On average, equities research analysts expect that Molson Coors Beverage will post 5.71 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Jefferies Financial Group dropped their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Barclays upped their target price on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an “underweight” rating in a report on Thursday, August 8th. Piper Sandler lifted their price target on shares of 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, 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 research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $58.62.

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.