QRG Capital Management Inc. Reduces Position in Molson Coors Beverage (NYSE:TAP)

QRG Capital Management Inc. lowered its position in Molson Coors Beverage (NYSE:TAP - Free Report) by 50.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,446 shares of the company's stock after selling 56,999 shares during the period. QRG Capital Management Inc.'s holdings in Molson Coors Beverage were worth $3,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in TAP. Nordea Investment Management AB increased its holdings in Molson Coors Beverage by 153.7% during the first quarter. Nordea Investment Management AB now owns 25,830 shares of the company's stock valued at $1,730,000 after buying an additional 15,648 shares during the period. iA Global Asset Management Inc. lifted its position in 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 purchasing an additional 17,062 shares during the period. Wakefield Asset Management LLLP lifted its position in Molson Coors Beverage by 124.5% during the second 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 position in Molson Coors Beverage during the second quarter valued at $3,842,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in Molson Coors Beverage by 105.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 259,437 shares of the company's stock valued at $17,459,000 after purchasing an additional 132,893 shares during the period. Institutional investors own 78.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TAP shares. Jefferies Financial Group decreased 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. Barclays lifted their price objective on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the company an "underweight" rating in a report on Thursday, August 8th. Bank of America cut their price objective on shares of Molson Coors Beverage from $62.00 to $54.00 and set a "neutral" rating for the company in a report on Wednesday, July 10th. 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. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Molson Coors Beverage from $57.00 to $60.00 and gave the company a "neutral" rating in a report on Friday, October 18th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $58.62.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $0.20 on Thursday, reaching $56.72. 3,006,066 shares of the company were exchanged, compared to its average volume of 1,902,407. The company has a market cap of $11.75 billion, a price-to-earnings ratio of 10.44, a P/E/G ratio of 2.43 and a beta of 0.82. The business has a 50-day moving average price of $55.39 and a 200 day moving average price of $54.42. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.75 and a current ratio of 0.95. Molson Coors Beverage has a 1 year low of $49.19 and a 1 year high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last announced 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. Molson Coors Beverage had a net margin of 8.27% and a return on equity of 9.58%. The company had revenue of $3.25 billion during the quarter, compared to analysts' expectations of $3.18 billion. During the same quarter in the prior year, the company earned $1.78 EPS. Molson Coors Beverage's revenue was down .4% compared to the same quarter last year. Equities research analysts forecast that Molson Coors Beverage will post 5.71 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.