Principal Financial Group Inc. Has $12.18 Million Position in Molson Coors Beverage (NYSE:TAP)

Principal Financial Group Inc. increased its stake in Molson Coors Beverage (NYSE:TAP - Free Report) by 4.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 211,812 shares of the company's stock after purchasing an additional 9,510 shares during the quarter. Principal Financial Group Inc. owned approximately 0.10% of Molson Coors Beverage worth $12,183,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. iA Global Asset Management Inc. raised its position in shares of Molson Coors Beverage by 117.5% during the first quarter. iA Global Asset Management Inc. now owns 31,583 shares of the company's stock valued at $2,124,000 after buying an additional 17,062 shares during the last quarter. Wakefield Asset Management LLLP boosted its stake in Molson Coors Beverage by 124.5% in the 2nd quarter. Wakefield Asset Management LLLP now owns 53,286 shares of the company's stock valued at $2,709,000 after purchasing an additional 29,552 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Molson Coors Beverage during the second quarter worth approximately $3,842,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Molson Coors Beverage by 105.0% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company's stock valued at $17,459,000 after acquiring an additional 132,893 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Molson Coors Beverage by 390.1% during the 1st quarter. Bessemer Group Inc. now owns 32,612 shares of the company's stock valued at $2,193,000 after purchasing an additional 25,958 shares during the last quarter. Institutional investors own 78.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on TAP. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. Piper Sandler upped their price target on shares of Molson Coors Beverage from $57.00 to $59.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Barclays increased their target price on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an "underweight" rating in a report on Monday, November 11th. UBS Group raised their price target on Molson Coors Beverage from $55.00 to $58.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 7th. Finally, TD Cowen lowered their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating for the company in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $60.31.

Molson Coors Beverage Trading Down 0.5 %

Shares of NYSE TAP traded down $0.31 on Friday, reaching $62.42. 2,245,599 shares of the company traded hands, compared to its average volume of 1,874,497. The stock has a market capitalization of $12.93 billion, a PE ratio of 14.06, a P/E/G ratio of 2.42 and a beta of 0.82. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $56.23 and a 200 day moving average of $54.34. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18.

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 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 during the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter in the prior year, the firm earned $1.92 EPS. Molson Coors Beverage's quarterly revenue was down 7.8% on a year-over-year basis. On average, equities research analysts forecast that Molson Coors Beverage will post 5.78 earnings per share for the current fiscal year.

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.