First Trust Direct Indexing L.P. Buys New Shares in Molson Coors Beverage (NYSE:TAP)

First Trust Direct Indexing L.P. bought a new stake in Molson Coors Beverage (NYSE:TAP) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,565 shares of the company’s stock, valued at approximately $435,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Capital International Investors increased its stake in Molson Coors Beverage by 10.7% during the first quarter. Capital International Investors now owns 9,692,916 shares of the company’s stock worth $651,849,000 after acquiring an additional 939,142 shares during the last quarter. Pacer Advisors Inc. increased its stake in Molson Coors Beverage by 66.5% during the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company’s stock worth $274,341,000 after acquiring an additional 2,155,842 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company’s stock worth $131,130,000 after acquiring an additional 434,685 shares during the last quarter. Ilex Capital Partners UK LLP acquired a new stake in Molson Coors Beverage during the first quarter worth about $53,096,000. Finally, Millennium Management LLC increased its stake in Molson Coors Beverage by 541.4% during the second quarter. Millennium Management LLC now owns 765,150 shares of the company’s stock worth $38,893,000 after acquiring an additional 645,847 shares during the last quarter. 78.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Wells Fargo & Company upped their price target on Molson Coors Beverage from $50.00 to $54.00 and gave the stock an “underweight” rating in a research note on Wednesday, August 7th. Piper Sandler upped their price target on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. TD Cowen decreased their target price 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. JPMorgan Chase & Co. upped their target price on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Citigroup decreased their target price on 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. Three analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $59.43.

Molson Coors Beverage Trading Up 1.0 %

Shares of NYSE TAP opened at $55.00 on Monday. The stock’s 50 day moving average price is $55.25 and its two-hundred day moving average price is $54.58. Molson Coors Beverage has a 52-week low of $49.19 and a 52-week high of $69.18. The stock has a market capitalization of $11.39 billion, a P/E ratio of 10.07, a PEG ratio of 2.37 and a beta of 0.82. The company has a quick ratio of 0.75, a current ratio of 0.95 and a debt-to-equity ratio of 0.46.

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