Molson Coors Beverage (NYSE:TAP) Shares Acquired by Allspring Global Investments Holdings LLC

Posted by Defense World Staff on Nov 3rd, 2023

Allspring Global Investments Holdings LLC boosted its position in shares of Molson Coors Beverage (NYSE:TAP – Free Report) by 216.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,576 shares of the company’s stock after buying an additional 59,872 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Molson Coors Beverage were worth $5,766,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. ProShare Advisors LLC increased its position in Molson Coors Beverage by 17.8% during the first quarter. ProShare Advisors LLC now owns 27,160 shares of the company’s stock worth $1,404,000 after buying an additional 4,113 shares during the period. Symmetry Partners LLC purchased a new position in shares of Molson Coors Beverage in the 2nd quarter valued at approximately $200,000. AE Wealth Management LLC grew its stake in shares of Molson Coors Beverage by 81.7% in the 1st quarter. AE Wealth Management LLC now owns 8,566 shares of the company’s stock valued at $443,000 after purchasing an additional 3,852 shares during the last quarter. Ontario Teachers Pension Plan Board grew its stake in shares of Molson Coors Beverage by 46.2% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 36,199 shares of the company’s stock valued at $1,871,000 after purchasing an additional 11,441 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Molson Coors Beverage by 10.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,959 shares of the company’s stock valued at $2,323,000 after purchasing an additional 4,244 shares during the last quarter. Institutional investors and hedge funds own 73.95% of the company’s stock.

Wall Street Analysts Forecast Growth

TAP has been the topic of several analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $63.00 target price on shares of Molson Coors Beverage in a research note on Wednesday, August 2nd. Wells Fargo & Company lifted their target price on Molson Coors Beverage from $64.00 to $65.00 and gave the company an “underweight” rating in a research note on Wednesday, October 4th. Barclays lowered their target price on Molson Coors Beverage from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 12th. Bank of America lifted their price target on Molson Coors Beverage from $70.00 to $72.00 and gave the company a “neutral” rating in a research note on Wednesday, October 4th. Finally, Citigroup decreased their price target on Molson Coors Beverage from $72.00 to $65.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 11th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $65.19.

Read Our Latest Stock Report on Molson Coors Beverage

Molson Coors Beverage Stock Down 0.6 %

TAP opened at $57.83 on Friday. The business’s fifty day moving average is $61.25 and its two-hundred day moving average is $63.34. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.64 and a current ratio of 0.87. The company has a market cap of $12.50 billion, a price-to-earnings ratio of 361.44, a PEG ratio of 1.30 and a beta of 0.92. Molson Coors Beverage has a one year low of $48.49 and a one year high of $70.90.

Molson Coors Beverage (NYSE:TAP – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.15. Molson Coors Beverage had a return on equity of 8.17% and a net margin of 0.31%. The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Analysts anticipate that Molson Coors Beverage will post 5.06 EPS for the current fiscal year.

About Molson Coors Beverage

(Free Report)

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, and ready to drink beverages. It provides its products under Aspall Cider, Blue Moon, Coors Original, Hop Valley brands, Leinenkugel's, Miller Genuine Draft, Molson Ultra, Sharp's, Staropramen, and Vizzy Hard Seltzer above premier brands; Bergenbier, Borsodi, Carling, Coors Banquet, Coors Light, Jelen, Kamenitza, Miller Lite, Molson Canadian Lager, Molson Dry, Molson Export, and Niksicko, Ozujsko under the premium brands; and Branik, Icehouse, Keystone, Miller High Life, Milwaukee's Best, and Steel Reserve under the economy brands.