Versor Investments LP Sells 14,400 Shares of Molson Coors Beverage (NYSE:TAP)

Versor Investments LP cut its holdings in Molson Coors Beverage (NYSE:TAP - Free Report) by 52.9% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,800 shares of the company's stock after selling 14,400 shares during the quarter. Versor Investments LP's holdings in Molson Coors Beverage were worth $736,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in TAP. Family Firm Inc. acquired a new stake in Molson Coors Beverage in the second quarter valued at approximately $26,000. Altshuler Shaham Ltd acquired a new stake in Molson Coors Beverage in the second quarter valued at approximately $27,000. GPS Wealth Strategies Group LLC lifted its stake 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 acquiring an additional 294 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in Molson Coors Beverage in the third quarter valued at approximately $35,000. Finally, Crewe Advisors LLC acquired a new stake in Molson Coors Beverage in the first quarter valued at approximately $43,000. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TAP shares. Wells Fargo & Company raised shares of Molson Coors Beverage from an "underweight" rating to an "overweight" rating and lifted their price target for the company from $52.00 to $74.00 in a research report on Friday, November 8th. UBS Group lifted their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a "neutral" rating in a research report on Wednesday, August 7th. Hsbc Global Res lowered shares of Molson Coors Beverage from a "hold" rating to a "moderate sell" rating in a research report on Friday, November 8th. Jefferies Financial Group dropped their price target on shares of Molson Coors Beverage from $61.00 to $57.00 and set a "hold" rating on the stock in a research report on Thursday, July 18th. Finally, Barclays lifted their price target on shares of Molson Coors Beverage from $49.00 to $51.00 and gave the company an "underweight" rating in a research report on Monday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $60.31.

Molson Coors Beverage Price Performance

Shares of TAP stock traded up $1.94 during mid-day trading on Wednesday, reaching $63.83. The company's stock had a trading volume of 1,094,433 shares, compared to its average volume of 1,909,931. The firm's 50-day moving average is $55.80 and its two-hundred day moving average is $54.24. The company has a market cap of $13.22 billion, a P/E ratio of 14.31, a PEG ratio of 2.41 and a beta of 0.82. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.74 and a current ratio of 0.99.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share for the quarter, beating analysts' consensus estimates of $1.67 by $0.13. The business had revenue of $3.04 billion for the quarter, compared to analysts' expectations of $3.13 billion. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The firm's revenue for the quarter was down 7.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.92 earnings per share. On average, research analysts predict that Molson Coors Beverage will post 5.74 earnings per share for the current 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.