QRG Capital Management Inc. Has $3.19 Million Stock Holdings in Molson Coors Beverage (NYSE:TAP)

QRG Capital Management Inc. reduced its stake in Molson Coors Beverage (NYSE:TAP) by 50.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,446 shares of the company’s stock after selling 56,999 shares during the quarter. QRG Capital Management Inc.’s holdings in Molson Coors Beverage were worth $3,189,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Family Firm Inc. bought a new position in Molson Coors Beverage during the 2nd quarter worth approximately $26,000. Altshuler Shaham Ltd bought a new position in Molson Coors Beverage during the second quarter worth $27,000. GPS Wealth Strategies Group LLC lifted its holdings 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 buying an additional 294 shares during the period. Crewe Advisors LLC bought a new stake in Molson Coors Beverage during the first quarter valued at $43,000. Finally, Quarry LP bought a new stake in Molson Coors Beverage during the second quarter valued at $54,000. 78.46% of the stock is owned by institutional investors and hedge funds.

Molson Coors Beverage Trading Up 1.0 %

TAP opened at $56.54 on Thursday. Molson Coors Beverage has a fifty-two week low of $49.19 and a fifty-two week high of $69.18. The firm has a market capitalization of $11.71 billion, a PE ratio of 10.36, a P/E/G ratio of 2.39 and a beta of 0.82. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.95 and a quick ratio of 0.75. The company’s 50-day moving average is $55.39 and its 200 day moving average is $54.42.

Molson Coors Beverage (NYSE:TAP) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.92 EPS for the quarter, topping the consensus estimate of $1.68 by $0.24. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.18 billion. Molson Coors Beverage had a return on equity of 9.58% and a net margin of 8.27%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $1.78 earnings per share. As a group, research analysts predict that Molson Coors Beverage will post 5.71 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TAP shares. Jefferies Financial Group dropped their price objective on Molson Coors Beverage from $61.00 to $57.00 and set a “hold” rating on the stock in a research note on Thursday, July 18th. Piper Sandler boosted their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Citigroup reduced their price objective on shares of Molson Coors Beverage from $53.00 to $47.00 and set a “sell” rating for the company in a research report on Wednesday, July 10th. Bank of America dropped 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 report on Wednesday, July 10th. Finally, Wells Fargo & Company raised their price target on shares of Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $58.62.

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.