Los Angeles Capital Management LLC Reduces Holdings in Molson Coors Beverage (NYSE:TAP)

Los Angeles Capital Management LLC lessened its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 45.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 61,888 shares of the company's stock after selling 50,898 shares during the period. Los Angeles Capital Management LLC's holdings in Molson Coors Beverage were worth $3,560,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TAP. Empowered Funds LLC purchased a new stake in Molson Coors Beverage in the 1st quarter valued at $1,334,000. Oppenheimer & Co. Inc. raised its position in Molson Coors Beverage by 4.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 10,673 shares of the company's stock valued at $718,000 after purchasing an additional 462 shares during the last quarter. Sei Investments Co. raised its position in Molson Coors Beverage by 36.2% in the 1st quarter. Sei Investments Co. now owns 197,541 shares of the company's stock valued at $13,285,000 after purchasing an additional 52,523 shares during the last quarter. Russell Investments Group Ltd. raised its position in Molson Coors Beverage by 5.4% in the 1st quarter. Russell Investments Group Ltd. now owns 432,245 shares of the company's stock valued at $29,069,000 after purchasing an additional 22,064 shares during the last quarter. Finally, Avantax Advisory Services Inc. purchased a new stake in Molson Coors Beverage in the 1st quarter valued at $254,000. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Trading Up 3.2 %

Shares of TAP stock traded up $2.00 during trading hours on Wednesday, hitting $63.89. 2,889,281 shares of the company were exchanged, compared to its average volume of 1,918,678. The firm has a market cap of $13.24 billion, a PE ratio of 14.39, a PEG 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 quick ratio of 0.74, a current ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm has a fifty day moving average of $55.96 and a 200 day moving average of $54.31.

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

Analysts Set New Price Targets

TAP has been the subject of a number of analyst reports. UBS Group upped their price objective on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 7th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. TD Cowen cut their price objective on shares of 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. JPMorgan Chase & Co. upped 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. Finally, Jefferies Financial Group cut their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a "hold" rating for the company in a research report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target 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.