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

Posted by Defense World Staff on Nov 3rd, 2023

Allspring Global Investments Holdings LLC lifted its position in shares of Molson Coors Beverage (NYSE:TAP – Free Report) by 216.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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 and hedge funds have also made changes to their positions in the company. ProShare Advisors LLC increased its holdings in Molson Coors Beverage by 17.8% in the 1st quarter. ProShare Advisors LLC now owns 27,160 shares of the company’s stock valued at $1,404,000 after purchasing an additional 4,113 shares in the last quarter. Symmetry Partners LLC acquired a new stake in Molson Coors Beverage in the 2nd quarter valued at $200,000. AE Wealth Management LLC increased its holdings in 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 in the last quarter. Ontario Teachers Pension Plan Board increased its holdings in 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 in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in 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 in the last quarter. 73.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Citigroup lowered their target price on Molson Coors Beverage from $72.00 to $65.00 and set a “neutral” rating for the company in a research note on Wednesday, October 11th. Barclays lowered their target price on Molson Coors Beverage from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Thursday, October 12th. Bank of America raised their target price 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. Morgan Stanley restated an “equal weight” rating and set a $63.00 target price on shares of Molson Coors Beverage in a research note on Wednesday, August 2nd. Finally, The Goldman Sachs Group raised their target price on Molson Coors Beverage from $61.00 to $69.00 and gave the company a “neutral” rating in a research note on Thursday, July 20th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.19.

Get Our Latest Analysis on TAP

Molson Coors Beverage Stock Down 0.6 %

Shares of TAP opened at $57.83 on Friday. The company has a 50-day simple moving average of $61.25 and a 200-day simple moving average of $63.34. The firm has a market capitalization of $12.50 billion, a P/E ratio of 361.44, a P/E/G ratio of 1.30 and a beta of 0.92. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.64 and a current ratio of 0.87. Molson Coors Beverage has a 52 week low of $48.49 and a 52 week high of $70.90.

Molson Coors Beverage (NYSE:TAP – Get Free Report) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $1.78 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.15. The business had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.31 billion. Molson Coors Beverage had a net margin of 0.31% and a return on equity of 8.17%. On average, equities research analysts expect that Molson Coors Beverage will post 5.06 earnings per share for the current year.

Molson Coors Beverage Profile

(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.