Empowered Funds LLC Has $10.01 Million Position in Molson Coors Beverage (NYSE:TAP)

Empowered Funds LLC cut its holdings in shares of Molson Coors Beverage (NYSE:TAP) by 3.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,017 shares of the company’s stock after selling 6,286 shares during the quarter. Empowered Funds LLC owned approximately 0.08% of Molson Coors Beverage worth $10,009,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. iA Global Asset Management Inc. grew its stake in shares of Molson Coors Beverage by 117.5% in 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 in the last quarter. Wakefield Asset Management LLLP raised its holdings in shares of 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 bought a new stake in shares of Molson Coors Beverage in the 2nd quarter valued at about $3,842,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Molson Coors Beverage by 105.0% in the 1st 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 last quarter. Finally, Sei Investments Co. grew its holdings in Molson Coors Beverage by 36.2% during the first quarter. Sei Investments Co. now owns 197,541 shares of the company’s stock worth $13,285,000 after purchasing an additional 52,523 shares during the period. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on TAP shares. TD Cowen cut their price objective on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating for the company in a research report on Tuesday, October 8th. Wells Fargo & Company upgraded shares of Molson Coors Beverage from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $52.00 to $74.00 in a report on Friday, November 8th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Molson Coors Beverage from $56.00 to $57.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. UBS Group increased their price target on shares of Molson Coors Beverage from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Barclays boosted their price objective on Molson Coors Beverage from $49.00 to $51.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Molson Coors Beverage presently has a consensus rating of “Hold” and a consensus target price of $60.31.

Molson Coors Beverage Stock Performance

TAP opened at $62.42 on Friday. The firm has a market cap of $12.93 billion, a P/E ratio of 14.06, a price-to-earnings-growth ratio of 2.48 and a beta of 0.82. The business’s fifty day moving average is $56.23 and its 200-day moving average is $54.36. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week 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) last released its earnings results on Thursday, November 7th. The company reported $1.80 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm earned $1.92 EPS. The business’s quarterly revenue was down 7.8% compared to the same quarter last year. Sell-side analysts expect that Molson Coors Beverage will post 5.77 EPS for the current fiscal year.

Molson Coors Beverage Company 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.