Legacy Capital Group California Inc. Takes Position in Molson Coors Beverage (NYSE:TAP)

Legacy Capital Group California Inc. acquired a new stake in 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 fund acquired 12,445 shares of the company's stock, valued at approximately $716,000.

A number of other large investors have also modified their holdings of TAP. Park Avenue Securities LLC acquired a new position in Molson Coors Beverage during the first quarter worth $383,000. Addenda Capital Inc. lifted its stake in Molson Coors Beverage by 4.0% in the 1st quarter. Addenda Capital Inc. now owns 11,405 shares of the company's stock valued at $767,000 after buying an additional 437 shares in the last quarter. Alpha Omega Wealth Management LLC lifted its stake in Molson Coors Beverage by 0.5% in the 1st quarter. Alpha Omega Wealth Management LLC now owns 64,264 shares of the company's stock valued at $4,322,000 after buying an additional 303 shares in the last quarter. Aviance Capital Partners LLC boosted its holdings in Molson Coors Beverage by 5.6% in the 1st quarter. Aviance Capital Partners LLC now owns 24,665 shares of the company's stock worth $1,659,000 after buying an additional 1,303 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in Molson Coors Beverage by 220.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 489,371 shares of the company's stock worth $32,910,000 after buying an additional 336,496 shares in the last quarter. Institutional investors and hedge funds own 78.46% of the company's stock.

Molson Coors Beverage Trading Down 0.6 %

TAP stock traded down $0.33 during midday trading on Friday, hitting $55.77. 1,241,271 shares of the company's stock were exchanged, compared to its average volume of 1,908,444. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The business has a 50-day simple moving average of $55.08 and a two-hundred day simple moving average of $55.04. The stock has a market capitalization of $11.82 billion, a PE ratio of 11.15, a P/E/G ratio of 2.35 and a beta of 0.81. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.24. The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.18 billion. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. Molson Coors Beverage's revenue was down .4% on a year-over-year basis. During the same period in the previous year, the firm earned $1.78 EPS. On average, sell-side analysts predict that Molson Coors Beverage will post 5.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a research report on Friday, October 18th. Piper Sandler lifted their target price 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. Jefferies Financial Group reduced their target price 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. Deutsche Bank Aktiengesellschaft boosted their price target 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. Finally, Citigroup cut their price objective on shares of Molson Coors Beverage from $53.00 to $47.00 and set a "sell" rating for the company in a report on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $59.43.

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.