Allspring Global Investments Holdings LLC reduced its stake in Molson Coors Beverage (NYSE:TAP – Free Report) by 22.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 406,810 shares of the company’s stock after selling 117,244 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Molson Coors Beverage were worth $23,400,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Park Avenue Securities LLC bought a new position in Molson Coors Beverage in the 1st quarter worth about $383,000. Addenda Capital Inc. raised its holdings in Molson Coors Beverage by 4.0% in the first quarter. Addenda Capital Inc. now owns 11,405 shares of the company’s stock worth $767,000 after buying an additional 437 shares during the last quarter. Alpha Omega Wealth Management LLC lifted its stake in shares of Molson Coors Beverage by 0.5% in the first quarter. Alpha Omega Wealth Management LLC now owns 64,264 shares of the company’s stock worth $4,322,000 after buying an additional 303 shares in the last quarter. Aviance Capital Partners LLC lifted its stake in shares of Molson Coors Beverage by 5.6% in the first quarter. Aviance Capital Partners LLC now owns 24,665 shares of the company’s stock worth $1,659,000 after buying an additional 1,303 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC grew its holdings in shares of Molson Coors Beverage by 8.4% during the first quarter. Measured Wealth Private Client Group LLC now owns 13,637 shares of the company’s stock valued at $917,000 after buying an additional 1,058 shares during the last quarter. Hedge funds and other institutional investors own 78.46% of the company’s stock.
Molson Coors Beverage Stock Up 0.1 %
Shares of TAP stock opened at $56.10 on Friday. The company has a current ratio of 0.95, a quick ratio of 0.75 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 12 month low of $49.19 and a 12 month high of $69.18. The stock has a market cap of $11.89 billion, a P/E ratio of 11.22, a P/E/G ratio of 2.35 and a beta of 0.81. The company has a 50 day simple moving average of $55.04 and a two-hundred day simple moving average of $55.11.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on TAP. Jefferies Financial Group decreased their price objective on shares of Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating for the company in a report on Thursday, July 18th. TD Cowen lowered their price target on Molson Coors Beverage from $58.00 to $56.00 and set a “hold” rating on the stock in a report on Tuesday, October 8th. Wells Fargo & Company lifted their price objective on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Bank of America lowered their target price on shares of Molson Coors Beverage from $62.00 to $54.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Barclays lifted their price target on shares of Molson Coors Beverage from $47.00 to $49.00 and gave the stock an “underweight” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Molson Coors Beverage currently has an average rating of “Hold” and a consensus price target of $59.43.
Read Our Latest Analysis on Molson Coors Beverage
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.
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