Entropy Technologies LP Takes Position in Molson Coors Beverage (NYSE:TAP)

Entropy Technologies LP bought a new position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 32,775 shares of the company's stock, valued at approximately $1,885,000.

A number of other hedge funds have also modified their holdings of the business. iA Global Asset Management Inc. lifted its stake in Molson Coors Beverage by 117.5% in the 1st quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company's stock worth $2,124,000 after purchasing an additional 17,062 shares in the last quarter. Wakefield Asset Management LLLP boosted its stake in Molson Coors Beverage by 124.5% during the second quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock worth $2,709,000 after buying an additional 29,552 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Molson Coors Beverage in the 2nd quarter valued at $3,842,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in shares of Molson Coors Beverage by 105.0% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company's stock worth $17,459,000 after acquiring an additional 132,893 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Molson Coors Beverage by 36.2% during the 1st quarter. Sei Investments Co. now owns 197,541 shares of the company's stock valued at $13,285,000 after acquiring an additional 52,523 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Molson Coors Beverage Stock Up 3.2 %

Shares of NYSE:TAP traded up $1.96 on Wednesday, hitting $63.85. 1,399,958 shares of the company's stock were exchanged, compared to its average volume of 1,911,909. The firm's 50-day moving average is $55.80 and its 200 day moving average is $54.24. The company has a market capitalization of $13.23 billion, a PE ratio of 14.31, a P/E/G ratio of 2.41 and a beta of 0.82. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.13 billion. Molson Coors Beverage had a return on equity of 9.24% and a net margin of 6.78%. The business's revenue was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.92 earnings per share. Sell-side analysts predict that Molson Coors Beverage will post 5.74 EPS for the current year.

Analysts Set New Price Targets

TAP has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Wells Fargo & Company upgraded Molson Coors Beverage from an "underweight" rating to an "overweight" rating and increased their price objective for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. Hsbc Global Res downgraded Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research report on Friday, November 8th. Piper Sandler increased their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Finally, TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating for the company in a research report on Tuesday, October 8th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Molson Coors Beverage has an average rating of "Hold" and an average target price of $60.31.

Molson Coors Beverage 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.