Narwhal Capital Management Has $637,000 Stock Position in Molson Coors Beverage (NYSE:TAP)

Narwhal Capital Management decreased its position in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 54.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,075 shares of the company's stock after selling 13,485 shares during the quarter. Narwhal Capital Management's holdings in Molson Coors Beverage were worth $637,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Family Firm Inc. purchased a new position in Molson Coors Beverage in the second quarter valued at $26,000. Altshuler Shaham Ltd purchased a new position in Molson Coors Beverage during the second quarter worth approximately $27,000. GPS Wealth Strategies Group LLC grew its holdings in Molson Coors Beverage by 83.8% in the second quarter. GPS Wealth Strategies Group LLC now owns 645 shares of the company's stock valued at $33,000 after purchasing an additional 294 shares during the period. Crewe Advisors LLC purchased a new stake in shares of Molson Coors Beverage in the first quarter valued at approximately $43,000. Finally, Quarry LP acquired a new position in shares of Molson Coors Beverage during the 2nd quarter worth approximately $54,000. 78.46% of the stock is owned by hedge funds and other institutional investors.

Molson Coors Beverage Trading Up 0.3 %

Shares of Molson Coors Beverage stock traded up $0.17 during trading hours on Wednesday, hitting $56.04. The company's stock had a trading volume of 1,369,123 shares, compared to its average volume of 1,914,356. The firm has a fifty day moving average of $54.91 and a 200-day moving average of $55.10. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. The stock has a market cap of $11.87 billion, a price-to-earnings ratio of 11.17, a P/E/G ratio of 2.35 and a beta of 0.81. Molson Coors Beverage has a twelve month low of $49.19 and a twelve month high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $1.92 earnings per share for the quarter, beating 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 business had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. During the same period last year, the business earned $1.78 earnings per share. The business's revenue for the quarter was down .4% on a year-over-year basis. Research analysts forecast that Molson Coors Beverage will post 5.74 EPS for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on TAP. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. Bank of America decreased their price target on shares of Molson Coors Beverage from $62.00 to $54.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 10th. Piper Sandler boosted their price objective on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. TD Cowen decreased their target price on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a research report on Tuesday, October 8th. Finally, Jefferies Financial Group dropped their price target on 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. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Molson Coors Beverage currently has a consensus rating of "Hold" and an average price target of $59.43.

About Molson Coors Beverage

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.