State of Alaska Department of Revenue Has $1.73 Million Stock Position in Molson Coors Beverage (NYSE:TAP)

State of Alaska Department of Revenue reduced its stake in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 27.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,097 shares of the company's stock after selling 11,195 shares during the quarter. State of Alaska Department of Revenue's holdings in Molson Coors Beverage were worth $1,730,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TAP. Pacer Advisors Inc. boosted its position in Molson Coors Beverage by 66.5% in the 2nd quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company's stock valued at $274,341,000 after buying an additional 2,155,842 shares during the last quarter. Capital International Investors lifted its stake in shares of Molson Coors Beverage by 10.7% in the 1st quarter. Capital International Investors now owns 9,692,916 shares of the company's stock valued at $651,849,000 after purchasing an additional 939,142 shares during the period. Ilex Capital Partners UK LLP acquired a new position in shares of Molson Coors Beverage in the 1st quarter valued at $53,096,000. Millennium Management LLC lifted its stake in shares of Molson Coors Beverage by 541.4% in the 2nd quarter. Millennium Management LLC now owns 765,150 shares of the company's stock valued at $38,893,000 after purchasing an additional 645,847 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Molson Coors Beverage by 20.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company's stock valued at $131,130,000 after purchasing an additional 434,685 shares during the period. Institutional investors and hedge funds own 78.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a research note on Friday, October 18th. UBS Group increased their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the company a "neutral" rating in a research note on Wednesday, August 7th. Barclays raised their price objective on Molson Coors Beverage from $47.00 to $49.00 and gave the stock an "underweight" rating in a research note on Thursday, August 8th. TD Cowen dropped their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company raised their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an "underweight" rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Molson Coors Beverage has a consensus rating of "Hold" and a consensus price target of $59.43.

Molson Coors Beverage Stock Performance

Molson Coors Beverage stock traded up $0.53 during midday trading on Friday, reaching $55.00. 1,736,545 shares of the company's stock were exchanged, compared to its average volume of 1,309,254. The stock's 50-day simple moving average is $55.25 and its 200 day simple moving average is $54.58. 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 firm has a market cap of $11.39 billion, a price-to-earnings ratio of 10.07, a P/E/G ratio of 2.37 and a beta of 0.82. Molson Coors Beverage has a 52 week low of $49.19 and a 52 week high of $69.18.

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, topping the consensus estimate 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 firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. During the same period last year, the business posted $1.78 earnings per share. The business's revenue for the quarter was down .4% compared to the same quarter last year. On average, analysts expect that Molson Coors Beverage will post 5.71 earnings per share for the current fiscal year.

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.